Tower Capital recently facilitated $5,395,000 in acquisition financing for the acquisition of the two-story, garden-style, 25-unit Hayden Apartments. The Hayden is a low-rise, recently renovated apartment community located in South Scottsdale originally built in 1977 and remodeled in 2020. The interior units have been upgraded with new stainless-steel appliances, new closet systems, paint, flooring, in-unit washer/dryers, dishwashers, new shaker-style cabinetry, and a bathroom package including shower, vanity and backlit mirrors. Twenty-four (24) units are 875 square foot 2-bedroom/1-baths and one (1) unit is a 2,000 square foot 3 bedroom/2-bath. Situated along Hayden Rd just south of Thomas Rd, the property boasts close proximity to the Loop-101 freeway, as well as the retail, dining and entertainment amenities in the immediate area. The location provides residents of The Hayden with easy access to both Downtown Scottsdale and Downtown Tempe. Downtown/Old Town Scottsdale features shopping at Fashion Square Mall, art galleries, movie theaters, restaurants, major-league baseball spring training fields, and museums. North Tempe, a quick 10-minute drive, is one of the largest employment hubs in the Phoenix MSA.

The borrower, who purchased the property in an off-market transaction, intends to capitalize on operational efficiencies through their management expertise of operating similar multifamily properties in California.

The permanent, low interest, fixed-rate loan provided the borrower with a loan amount equal to 65% of the total acquisition cost, as well as a flexible prepayment structure to meet the borrower’s investment objectives.

Tower Capital was able to successfully source the acquisition financing on behalf of the borrower within an extremely critical timeframe. Tower generated a competitive lending environment, which ultimately delivered the best pricing and terms for the borrower.