Tower Capital recently secured an $3,300,000 loan on a 56-unit multifamily property located in Adelanto, California. Tower’s client, an experienced private investor with over 6,000 apartment units under ownership, has owned the asset since 2002. Over the past few years, the borrower has renovated the exterior of the property, leading to increased rents and NOI.

Limiting the loan to 55% LTV allowed the borrower to obtain the lowest rate and avoid all COVID-related principal and interest holdbacks. The non-recourse loan offers interest only payments for the life of the term.