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PHOENIX — Tower Capital has secured two acquisition loans totaling $26.2 million for multifamily properties in Phoenix. The names of borrowers were not disclosed.
The Phoenix-based independent structured finance firm arranged $21.5 million for San Maria Apartments, a 400-unit affordable housing complex located at 7002 W. Indian School Road in Phoenix. The gated property features a heated swimming pool, spa, basketball court, on-site laundry facility and covered parking.
Additionally, Tower Capital arranged $4.7 million for Arcadia Palms Apartments, a multifamily community located at 4446 N. 36th St. in Phoenix. Situated in the city’s Arcadia submarket, the property features 34 apartments.