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GOODYEAR, ARIZ. — Tower Capital has secured $59 million in refinancing for a Class A multifamily community located in Goodyear. The name of the borrower was not released.
Provided by a debt fund/life company, the loan features a 70 percent loan-to-value ratio and a 10-year fixed term with five years of interest-only payments followed by a 30-year amortization schedule. At the time of financing, the property was more than 96 percent occupied.