Tower Arranges Refi for Phoenix Apartment Owner

Tower Capital arranged $23 million in permanent financing for the refinance of North Mountain Foothills, a 194-unit multifamily community in Phoenix. The property at 1943 W. Aster Dr. was a broken condominium project when the borrower first started purchasing the units between 2010 and 2012.

After acquiring 100% of the units, the HOA was dissolved, and the property has been operated as a traditional multifamily complex serving the workforce community. Over the years Tower’s client has performed significant renovations throughout the exterior and interior of the property, with significant mechanical, electrical, and plumbing upgrades, effectively repositioning the asset in the market. 

Tower Capital’s team executed a competitive marketing campaign that included Fannie Mae, Freddie Mac, CMBS, and alternative lenders to maximize the borrower’s cash out. The borrower plans to continue with the property renovations.