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Photo credit: Courtesy of Tower Capital
Finance firm Tower Capital has put some serious skin in the game in Phoenix after two recent closings totaling $13.6M.
Hilton Tucson East sold for $12.7M and Luxury Lofts Apartments, an eight-unit multifamily investment property, closed for $900k.
Hilton’s Scottsdale-based buyer is planning an $8M reno following a long period of absentee ownership that rendered the property unable to compete with comparable properties, according to Tower Capital. The buyer of Luxury Loft Apartments was able to secure a loan with a 70% loan-to-value ratio at an interest rate of 4.15%, the firm reported.
