Updated Dec 21, 2023
Tower Capital Facilitates $40M Acquisition Loan For 303-Unit Multifamily Property In Phoenix
6901 West McDowell Road, Phoenix, AZ, USA
$40,000,000
$56/SF
Building Size
702,637 SF
Asset Type
MultiFamily
Closing
Dec 3, 2021
About this deal
AI
6901 W. McDowell Road, located in Phoenix, was recently involved in a closed transaction. The property is a multifamily asset with a total of 303 units. The deal was facilitated by Tower Capital, a brokerage firm.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $40,000,000
- Date: 12/03/2021
- Market: Phoenix
- Address: 6901 W. McDowell Road
- Units: 303
The loan provided for this acquisition was $40,000,000. It is a non-recourse loan with a fixed 3 percent interest rate based on a 30-year amortization schedule. Additionally, the loan features a flexible step-down prepayment structure.
Players
Phoenix MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.40%
Cash-on-Cash
-0.11%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93