Tower Capital secures $23 million in permanent financing for the refinancing of North Mountain Foothills, a 194-unit multifamily community located at 1943 W. Aster Dr. in Phoenix. The property was originally a broken condominium project, but the borrower acquired all units between 2010 and 2012.
After taking full ownership of the units and dissolving the HOA, Tower’s client transformed the property into a traditional multifamily complex catering to workforce residents. Significant renovations were made to both interior and exterior areas, including upgrades to mechanical systems, electrical systems, and plumbing. These improvements successfully repositioned the asset within its market.
Through an aggressive marketing campaign that targeted various lenders such as Fannie Mae,Freddie Mac,CMBs,and alternative lenders,Tower Capital’s team secured competitive terms for their client with significant cash out options.The borrower plans on using these funds towards further renovations at this property.
This news was first reported by Connect CRE.
