Waltann Way Multifamily
StackSource successfully placed permanent financing on a multifamily investment property located in Phoenix, AZ. This was the sponsor's first refinancing of a real estate investment project. The sponsor has successfully begun increasing rents to market rate by remodeling units, and will continue to rehab units over time. Phoenix, AZ is a high growth market with an expected population increase of 20% over the next 5 years. Capital Advisor, Zach Wagner, worked with a California Bank to arrange an 80% LTV loan with 12 months of interest-only payments, and a cash reserve to fund continued capital improvements. The loan came with a 5.75% fixed rate for 7 years based on a 30-year amortization schedule and interest only for the first 12 months. Because the loan has the first year of interest built into the loan, the sponsor can focus on the long term business plan and continue towards increasing DSCR and NOI.