Tower Capital recently secured a $6,250,000 loan on a 95- unit multifamily property in Phoenix, AZ.  The borrower acquired the asset in 2014 and has since performed significant capital improvements which include a complete exterior and HVAC upgrades. The business plan was successful and the borrower was able to generate a much higher NOI and value over the years.

The 55% LTV loan offers the borrower with a non-recourse 10-year fixed term, interest only for 10 years, at a low rate of 3.09%. The borrower had prepayment sensitivity with his current lender and we were able to rate lock 40 days before closing so the borrower could preserve his rate and not pay a substantial penalty.