Tower Capital Arranges $56,000,000 Development Loan for 3,900 Home Master-Planned Community in Aurora, CO

PHOENIX – Structured Finance Firm, Tower Capital, recently arranged a $56,000,000 development loan for the completion of a new 3,900 home (estimated) master-planned community located in Aurora, Colorado. The future development sits on a 1,374-acre site owned by Melcor/TC Aurora, LLC.

The future community, named Harmony, rests 8 miles south of the Denver International Airport and is expected to be the next big growth area for the Denver MSA. The master-planned community will consist of six unique neighborhoods with various home products and will include amenities such as an 8,500-square foot community center, a swimming pool and fitness facility, sports courts, connected trail systems, as well as open space for events. The multi-year phased project is anticipated to cost over $200 million when full build-out is completed.  Initial lot deliveries will occur in 3Q18 with models expected to open in early 2019.

The total financing secured by Tower Capital, structured as a revolving line of credit, is comprised of a senior loan plus a mezzanine loan, between two participating lenders. The floating rate, interest only loan represents approximately 60% loan to cost for phases 1 & 2 of the project. Commenting on the transaction, Kyle McDonough, principal of Tower Capital said, “This was a very complex transaction involving a large institutional lender, pension fund, metro-districts, home builders, and other groups helping to bring this project to fruition.”

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About Tower Capital:
We are a Commercial Real Estate Finance firm specializing in debt and equity placement on behalf of commercial real estate investors throughout the country. We offer borrowers short term bridge solutions through our in-house private money platform, as well effectuating conventional permanent financing through our commercial mortgage brokerage division.

Commercial real estate financing from Tower Capital provides competitive solutions for professional real estate investors seeking loans.