Hilton Home 2 Suites – Phoenix, AZ
- Construction Loan Amount – $12,025,000
- Joint Venture Equity Amount – $8,096,000
- Construction Loan LTC: 60%
- Rate: L+340
- Term: Construction Loan up to 24 Months / Term Loan up to 60 Months
- Amortization: Interest Only for Construction then 25 Year Amortization
Transaction Details:
Tower Capital advised on $8,096,000 in Joint Venture QOZ (Qualified Opportunity Zone) Equity Financing and $12,025,000 in senior construction financing for the ground-up development of a 111-Key hotel property located in Mesa, Arizona, a suburb of Phoenix, Arizona. The property sits adjacent to the Longbow Golf Club and the Falcon District which has 671 companies with a strong base of high-tech manufacturing and aviation companies comprising 19,000+ employees.
Falcon Field is the 3rd busiest general aviation and 25th busiest overall airport in the USA and is owned and operated by the City of Mesa. Tower Capital’s local knowledge and expertise in the submarket resulted in Tower securing a term sheet from the equity provider within one week of going to market. In addition, Tower utilized a national hotel construction lender who provided 60% loan to cost with an interest rate of 1 Month Libor + 3.40%.
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.
