Hitting the pause button: How COVID 19 outbreak impacts multifamily transactions

Hitting the pause button: How COVID 19 outbreak impacts multifamily transactions

MESA, Ariz. — Tower Capital, an independent structured finance firm, arranged $20,121,000 in development financing for a Home2 Suites by Hilton in Mesa, Arizona. This deal puts Tower Capital at nearly $200 million in arranged financing for Q1 this year, marking the company’s most successful first quarter since its inception in 2015.

The 111-key, four-story hotel property will sit on the 18th hole of the Longbow Golf Course near the Loop 202 and Recker Road in Mesa’s Falcon District. The area is home to 671 companies in the technology, manufacturing, and aviation industries that employ more than 20,000 people.

“The location of this hotel is pivotal,” said Kyle McDonough, principal at Tower Capital. “The growth in this opportunity zone is accelerating and we look forward to watching it all unfold.”

The property’s suites comprise separate living and bedroom spaces, including the proprietary Home2 Suites by Hilton “working wall,” which incorporates the kitchen and a flexible working/media space.

“This deal wouldn’t have happened without Tower Capital,” said Jon Green, senior vice president at Concord Eastridge. “Kyle and his team were instrumental, and thanks to them the Falcon District will finally get a hotel to host the thousands of business travelers who visit the area.”

The hotel’s close proximity to national parks, the Salt River, and Saguaro Lake, as well as a golf destination with multiple courses, means it will cater to local tourism in addition to business travel. The hotel broke ground in February 2020 and is set to open in the first quarter of 2021.

Read entire article on Lodging Magazine

About Tower Capital:
Tower Capital was founded to enable owners of commercial real estate to achieve their investment goals with the least amount of time, energy, and cost, while creating surety of execution and peace of mind.

Established in 2015 and headquartered in Phoenix, Arizona, Tower Capital provides customized structured financing to investors throughout the United States. We specialize in debt and equity placement ranging from $2 Million to $100 Million and have financed over $1 billion for our clients since inception. We focus on independent financial advising with an entrepreneurial mindset, market vigilance and personalized attention to every client.