Tower Capital recently facilitated $5,700,000 in acquisition financing for the purchase of the 45-unit, low-rise, Gran Jardin multifamily property located in Phoenix, AZ. Located just south of the Interstate-10 freeway, Gran Jardin enjoys direct access to all areas of Phoenix’s employment and entertainment corridors, as well as convenient access to Downtown and the metro light rail. The property features 45 units, of which 100% are two bedroom/one bathroom floorplans with an average square footage of approximately 665 square feet. Gran Jardin is highlighted by recent exterior improvements and its close proximity to restaurant, retail, and daily-need amenities off of Van Buren St.

The borrower, who purchased the property in an off-market transaction, intends to capitalize on bringing below-market rents up to market while also seeking additional value-add opportunities through the installation of new stainless-steel appliances, replacing all kitchen cabinets and countertops, upgrading the interior flooring, remodeling all bathrooms, and installing in-unit washer/dryers in all interior units. The short-term bridge loan provided the borrower with a loan amount equal to 75% of the total acquisition and rehabilitation cost, as well as a flexible prepayment structure to meet the borrower’s investment objectives.

Tower Capital was able to successfully source the bridge 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 based upon their investment objectives for this particular asset.