Tower Capital closes two transactions in Scottsdale and Tucson
Once again showing its diversity across different markets and asset classes, Phoenix based structured finance firm, Tower Capital, recently arranged $12,209,000 in acquisition financing in two separate transactions. The first was on behalf of Caliber Companies, a full service real estate investment company headquartered in Scottsdale, Arizona. Caliber owns and operates a diverse real estate portfolio consisting of land, office, single family residential, and multifamily assets throughout the Phoenix metropolitan area. A sub-3% Freddie Mac loan was utilized to acquire the 144 unit GC Square Apartments, located near Grand Canyon University. The property sold for $6,465,000 or $38,945 per unit and was fully leased at the time of sale.
The second transaction was on behalf of a private investor to acquire the 267 key Hotel Tucson City Center near downtown Tucson. The $7,334,000 SBA loan represented 76% loan-to-value based upon the $9,650,000 purchase price.
Tower Capital is a boutique structured finance firm specializing in debt and equity placement on behalf of commercial real estate investors throughout the country. They offer borrowers short term bridge solutions through their in-house private lending platform, as well as conventional financing through their commercial mortgage brokerage division.