Single Family Build-To-Rent Community

• Property Type: Single-Family Build-To-Rent
• Financing Amount:  $42,000,000
• Purpose: Construction
• Location: Phoenix, AZ
• Capital Source: Debt Fund
• Recourse:  Non-Recourse

Transaction Details:

Tower Capital successfully arranged non-recourse construction financing for a build-to-rent community totaling $42,000,000.  The site is an in-fill site proximate to Luke Air Force Base and related off-campus base housing.  The site is in a newly emerging area with major industrial/distribution parks along Loop 303

The subject property consists of 167 luxury units featuring 1 & 2 bedroom units, walking-paths, community areas, a dog-park, clubhouse, fitness center, pool and spa.  The project will have five detached residences and 81 duplex residences, all of which will feature private entrances, 9’ ceilings, full-sized washer/dryer in each unit, luxury vinyl faux wood flooring, private backyards, stone countertops, stainless steel appliances and smart home features and technology.  The subject property will also feature 60 detached garages and 60 storage units.

Tower Capital has successfully closed more than $1 billion in construction financing and joint venture equity for 6,000 units across 35 build-to-rent communities and continues to be a leader in the marketplace with another $500 million of projects in the pipeline. The firm’s pipeline of projects spans multiple states including in Arizona, Texas, Alabama, North Carolina, Colorado and Indiana.