Tower Capital secured $7,500,000 in acquisition & renovation financing for The Fairfield Inn located in Scottsdale, Arizona.  The asset is a well maintained, 3-story, 131 key, limited service hotel built in 1990 and is located along Scottsdale Road in North Scottsdale.

Tower’s client, an Arizona-based real estate investment company acquired the asset for $10,000,000 with plans to perform a $1,000,000 renovation to the exterior and interior of the property. The buyer has a strong track record of repositioning assets and recognized an opportunity to maximize the performance of the property through a significant facelift and extensive renovations.

The $7.5 million-dollar loan secured by Tower Capital represents approximately 68% of the purchase price and renovation cost. It offers the borrower a 4.15% interest rate, fixed for 5 years with one year of interest only and a 25-year amortization schedule thereafter.