Tower Capital arranged a $1,376,000 refinance of a 27- unit multifamily property in Phoenix, AZ.  The borrower has owned this two story walk up since February, 2014, and has improved every unit in the property over the past 8 years. The borrower intends to keep this property as a legacy asset and wanted to take advantage of market conditions.

The small balance Freddie Mac loan provided the borrower with a 10-year fixed term at 3.47%.  The borrower’s number one priority was locking in a long term, fixed rate, with interest only. At 55% LTV, we were able to secure a full term interest only loan.

Rent collections were carefully tracked and analyzed throughout the process. Having established relationships with appraisers, inspectors, and title was critical given the current conditions caused by COVID-19. The borrower had a complex entity structure that took time to sort through and the transaction was closed in less than ninety days.