July 22, 2024
The financing backs four in assets Arizona and California.
Tower 16 Capital Partners has closed a $128 million refinancing for a four-property multifamily portfolio comprising nearly 1,000 units across California and Arizona. The new fixed-rate Fannie Mae loans feature five-year terms, are uncrossed and are full-term interest-only at a rate of 5.69 percent.
The portfolio comprises Ardella on Chagall, a 384-unit property in Moreno Valley, Calif.; Ardella on 67th, a 276-unit property in Glendale, Ariz.; Ardella at Reche Canyon, a 104-unit property in Colton, Calif., and Ardella at Reche Ridge, a 110-unit property also in Colton.
Tyler Pruett, co-founder of Tower 16 Capital, expressed his faith in the Arizona and California markets in an interview with Multi-Housing News, noting that absorption has been at or near record levels in the first half of 2024.