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.”

Click here to view entire article as seen on Commercial Executive Magazine


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.

Tower Capital Arranges $56M Loan for 3.9K Home MP-Community in CO

January 22, 2018— 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.”

Click here to view entire article as seen on Blau Journal


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.

George Maravilla joins Tower Capital

Tower Capital, a commercial real estate structured finance firm, announced that George Maravilla has joined the firm’s Phoenix office as Vice President. In his new position, Mr. Maravilla will be utilizing his extensive 14-year background at DMB Associates, a Scottsdale-based developer specializing in master-planned communities, country clubs, mixed-use commercial, multifamily, office and retail developments throughout the Western US and Hawaii.

Mr. Maravilla recently served DMB as Director of Finance where he was responsible for managing project level financial risk and establishing the appropriate development strategy. He also created long-term capital plans, project life cycle capitalization, deal structuring, and was in charge of project investor/partner reporting. Furthermore, he evaluated new opportunities in a wide range of residential and commercial asset classes having underwritten more than $700M in potential acquisitions and vertical developments during his time at DMB.

Click here to view entire article as seen on AZ Big Media


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.

Tower Capital ranked #36 for 2017 Top Financial Intermediaries

The top financial intermediaries ranking reflects total dollar volume of commercial real estate loans arranged in calendar year 2016.

The figures were collected via an online survey pushed out by NREI and reviews of company reports.

Click here to see the rankings


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.

Tower Capital makes the list of 2016 Top Financial Intermediaries

Tower Capital, 2016 Top Financial Intermediaries

The top financial intermediaries ranking reflects total dollar volume of commercial real estate loans arranged in calendar year 2015. Tower Capital makes the list at number 36!

Click here to view entire list


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.

Tower Capital Arranges $28M in Financing for Days Inn in AZ

Day’s Inn Hotel – Scottsdale, AZ

PHOENIX—Tower Capital, a locally based commercial real estate structured finance firm, arranged $28 million in acquisition and renovation financing for the 218-room Days Inn hotel, located in Scottsdale, AZ.

Principals Kyle McDonough and Adam Finkel CCIM led the transaction, which includes an extensive $12-million renovation budget that will reposition the asset into an independent boutique concept.

The property is situated on approximately 4.5 acres of Scottsdale Rd. frontage, north of downtown’s entertainment district. Los Angeles-based ESI Ventures, a real estate investment and development company, acquired the property. HRI Lodging will be in charge of operations at the full-service hotel. Local restaurateur Ryan Jocque will act as consultant for F&B at the new boutique hotel.

Tower Capital secured the non-recourse, interest-only bridge loan through a Connecticut-based real estate investment manager. The $28-million loan amount is inclusive of both acquisition and renovation costs, and represents 70% of the total project budget.

“Our client managed to negotiate a purchase of both the underlying ground lease, along with the existing structure,” said McDonough. “Where many others had failed, they managed to piece together a fee simple deal that maximizes the value of this A+ location.”

-by Hotel Business

Click here to view entire article


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.

Local Firm Tower Capital Off To a Successful Start Arranging $93 Million in CRE Financing

Commercial Real Estate Finance Phoenix

Last fall we featured Adam Finkel and Kyle McDonough in our Changing of the Guards story where we highlighted some of the valley’s most up and coming real estate professionals in brokerage, finance and development. In the beginning of 2015 Mr. Finkel and Mr. McDonough broke off from their respective firms to launch their new Phoenix-based structured finance company, Tower Capital. The firm specializes in debt and equity placement on behalf of commercial real estate investors throughout the country. They offer borrowers short term bridge solutions through their in-house private lending platform, as well as conventional financing through their commercial mortgage brokerage division.

First launched last February, the firm has completed close to $100 million in total loan originations in their first 12 months of operations, with multifamily representing 44% of total production volume, hospitality representing 41%, office comprising 14% and land at 1%. Commenting on their success, principal of the firm, Adam Finkel, said:

“We have found that hospitality has been a really underserved sector when it comes to commercial real estate mortgage banking and brokerage. There just aren’t that many people focusing on these properties when assets such as multifamily are much easier to finance given the amount of capital chasing those deals through the government sponsored entities like HUD, Fannie Mae, and Freddie Mac. In addition, we are experiencing banks, debt funds, and other lenders becoming full on hotel allocations given the amount of velocity in the marketplace over the past couple of years. The money is still out there if you know where to find it, it’s just getting more expensive.”

loan produ 

 

With over $38,000,000 in hotel loans over the past nine months alone the fledgling firm is quickly becoming one of the most active financiers in the hospitality sector in the state. They recently closed 869 keys across 6 properties, which included a Holiday Inn & Suites, two Comfort Inns, a Hawthorn Suites, Day’s Inn, and the Hotel Tucson City Center, an independent best known for the international gem show it plays host to annually.

 

Despite all of the hospitality activity, multifamily still remains a bread and butter asset class for the duo with 1,265 units financed in the past year.

The two principals of the firm, Adam Finkel and Kyle McDonough, had been close friends for the past 15 years prior to founding the company. Mr. Finkel previously held the position of Vice President at Johnson Capital, one of the largest independent commercial banking firms in the country before it was acquired in late 2014. Mr. McDonough was the director of a local bridge debt fund that placed private money loans for transitional assets during the Great Recession.

“Tower Capital blends both of our backgrounds together nicely,” commented Mr. McDonough, “Ultimately our goal is to produce the most cost effective financing terms and structure that will meet our clients’ investment objectives, whether that’s through a bank, CMBS, life insurance company, debt fund, or our own private money platform.”

Kyle’s sentiments are proven by the numbers. Out of the 19 transactions closed during their first 12 months, 13 different lending sources were utilized, showing their capital relationships run deep across multiple asset classes.

capital sourc

The firm prides itself on being nimble, creative and relentlessly keeping up on the ever changing capital markets climate and knowing at all times who the most active lenders are.  Be on the lookout for this dynamic pair to continue carving out a place in the commercial real estate finance world.

[button size=”medium” color=”#ffffff” background=”#000000″ radius=”0px” type=”flat” link=”http://cem-az.com/local-firm-tower-capital-off-to-a-successful-start-arranging-93-million-in-cre-financing/” newwindow=”true” ]Click here to view entire article[/button]


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.

[button size=”medium” color=”#ffffff” background=”#a61e22″ radius=”0px” type=”flat” link=”http://towercapllc.com/” newwindow=”false” ]View our Commercial Real Estate Finance[/button]

Tower Capital arranges $38M in hotel loans in nine months

Tower Capital

Phoenix-based structured finance firm, Tower Capital, has arranged over $38 million in hotel loans over the past nine months and is quickly becoming one of the most active financiers in the hospitality sector in the southwestern U.S. It recently closed 869 keys across six properties, which comprised a Holiday Inn & Suites, two Comfort Inns, a Hawthorn Suites, Day’s Inn, and the Hotel Tucson City Center, an independent best known for the international gem show it plays host to annually. The firm has been active in acquisition financing, refinances, and ground-up construction across many different asset classes.

Tower Capital is a boutique structured finance firm specializing in debt and equity placement on behalf of commercial real estate investors throughout the country. It offers borrowers short-term bridge solutions through its in-house private lending platform, as well as conventional financing through its commercial mortgage brokerage division.

First launched last March, the firm has completed close to $100 million in total loan originations, with hospitality representing approximately 41 percent of total production volume.

“We have found that hospitality has been a really underserved sector when it comes to commercial real estate mortgage banking and brokerage, said Adam Finkel, principal of the firm. “There just aren’t that many people focusing on these properties when assets such as multifamily are much easier to finance given the amount of capital chasing those deals through the government sponsored entities like HUD, Fannie Mae, and Freddie Mac. In addition, we are experiencing banks, debt funds, and other lenders becoming full on hotel allocations given the amount of velocity in the marketplace over the past couple of years. The money is still out there if you know where to find it, it’s just getting more expensive.”

The two principals of the firm, Finkel and Kyle McDonough, had been close friends for the past 15 years prior to founding the company. Finkel previously held the position of vice president at Johnson Capital, one of the largest independent commercial banking firms in the country before it was acquired in late 2014. McDonough was the director of a local bridge debt fund that placed private money loans for transitional assets during the Great Recession.

“Tower Capital blends both of our backgrounds together nicely,” McDonough said, “Ultimately our goal is to produce the most cost effective financing terms and structure that will meet our clients’ investment objectives, whether that’s through a bank, CMBS, life insurance company, debt fund, or our own private money platform.”

-by HM Staff

[button size=”medium” color=”#ffffff” background=”#000000″ radius=”0px” type=”flat” link=”http://www.hotelmanagement.net/transactions/tower-capital-arranges-38m-hotel-loans-nine-months” newwindow=”true” ]Click here to view entire article[/button]


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.

[button size=”medium” color=”#ffffff” background=”#a61e22″ radius=”0px” type=”flat” link=”http://towercapllc.com/” newwindow=”false” ]View our Commercial Real Estate Finance[/button]

Lender survey: Confident but cautious outlook

Hawthorn Suites – Tempe, Arizona

A shift in lender expectations suggests that financiers of U.S. hotels expect the current period of growth in hotel asset values to peak within the next year, according to the year-end release of the “2015 Hotel lender survey.”

HENDERSONVILLE, Tennessee, and NEW YORK—A shift in lender expectations suggests that financiers of U.S. hotels expect the current period of growth in hotel asset values to peak within the next year, according to the year-end release of the 2015 Hotel Lender Survey.

The third annual survey, conducted by STR, Inc., Hotel News Now and RobertDouglas, includes responses from more than 40 senior balance sheet lenders, CMBS lenders and providers of subordinate debt financing. Together, the participating lenders represent the source of a majority of all hotel debt with loan balances in excess of $10 million that was originated in the U.S. in 2015.
Compared with 15% in 2014, 45% of total respondents indicated that the aforementioned peak will occur within the next year. However, there is as much or more debt financing capacity available to hotel owners as not one respondent anticipated decreased hotel lending volumes during the next 12 months.
Overall, the survey suggested a cautious outlook of stable asset values, increasing liquidity for hotel finance and a potential spreading of widening credit risk.

[button size=”medium” radius=”0px” type=”flat” link=”http://www.hotelnewsnow.com/Article/17496/Lender-survey-Confident-but-cautious-outlook#sthash.owffhNNX.dpuf” newwindow=”true” ]Click Here to Read Entire Article[/button]


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.

[button size=”medium” color=”#ffffff” background=”#a61e22″ radius=”0px” type=”flat” link=”http://towercapllc.com/” newwindow=”false” ]View our Commercial Real Estate Finance[/button]

Tower Capital Arranges $5.9M Acquisition Loan for Comfort Inn

Commercial Real Estate Finance Phoenix

PHOENIX—Structured finance firm Tower Capital arranged a $5.9-million acquisition loan on behalf of a Toronto-based hotel group to acquire a 122-room Comfort Inn here.

The property is located off of the I-10 Freeway and W. 51st Ave. and is the site of a major freeway expansion that will connect the I-10 and 202 freeways. The three-story limited service hotel was purchased for $6.3 million, or $51,430/key, and will undergo a $1.1-million renovation that will include extensive upgrades throughout the rooms, interior corridors, lobby, meeting room, business center, exercise room and pool area.

The loan secured by Tower Capital represents approximately 80% of the total cost and was broken up into two separate loans with the same lender. The property was purchased with a $4.8-million bridge acquisition loan based on a 36-month term. The loan included 18 months of interest-only payments followed by a 25-year amortization schedule and was secured by a first deed of trust on the building and land. The second $1.1-million Capex loan was based on an 84-month fully amortizing term, which included 12 months of interest-only payments and was secured by the FF&E at the property.

“The freeway expansion at this location, which is already a busy trucking route, presents an amazing investment opportunity for our client, who also owns another property nearby. As we reach the end of the year, we are experiencing that many conventional lenders are full on hospitality allocations, making financing this asset class more challenging than others. For this transaction we utilized an east coast based finance company that specializes only in hotels after we were turned away by some of our more traditional sources,” said Kyle McDonough, principal, Tower Capital.

Tower Capital is a structured finance firm specializing in debt and equity placement on behalf of commercial real estate investors throughout the country. They offer borrowers short-term bridge solutions through their in-house private lending platform, as well as conventional financing through their commercial mortgage brokerage division.

– Hotel Business.com

[button size=”medium” color=”#ffffff” background=”#000000″ radius=”0px” type=”flat” link=”http://www.hotelbusiness.com/Finance/Tower-Capital-Arranges-59M-Acquisition-Loan-for-Comfort-Inn/52812″ newwindow=”true” ]Click here to view entire article[/button]


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.

[button size=”medium” color=”#ffffff” background=”#a61e22″ radius=”0px” type=”flat” link=”http://towercapllc.com/” newwindow=”false” ]View our Commercial Real Estate Finance[/button]