PHOENIX — Tower Capital has arranged $40 million in acquisition financing for San Giovanni, an apartment community in Phoenix. The non-recourse loan provides the undisclosed borrower with a fixed 3 percent interest rate based on a 30-year amortization schedule, as well as a flexible step-down prepayment structure.
The 2001-vintage asset features 300 apartments and is encumbered by a Land Use Restriction Agreement (LURA) that mandates 70 percent of the units must remain affordable until 2033.
Located at 6901 W. McDowell Road, San Giovanni features 50 one-bedroom, 150 two-bedroom and 103 three-bedroom units, two swimming pools, a fitness facility, business center, clubhouse with leasing office, outdoor areas with barbecue grills, assigned covered parking, controlled access and a children’s playground.