Single Family Build-to-Rent Community
- Capital Source: Bank
- Purpose of Loan: Construction Financing
- Loan Amount: $27,900,000
- LTV: 60%
- Rate: 3.25%
- Term: 36 Months + Two (1) Year Extensions
- Amortization: Interest Only
- Prepayment: None
- Recourse: Non-Recourse
Tower Capital successfully arranged non-recourse construction financing for a build-to-rent Multifamily community totaling $27,900,000. The subject property consists of 166 luxury units featuring 1, 2- & 3-bedroom units, walking-paths, community areas, a dog-park, clubhouse, fitness center, pool and spa. Some of the units will be detached and some will be duplex units, and all will feature private entrances, private backyards, quartz countertops, stainless steel appliances and smart home features and technology. The site is located in the highly desirable neighborhood of South Mountain, close to nearby job centers and only one block from the picturesque South Mountain Reserve that boast more than 50 miles of trails for hiking, horseback riding and mountain biking for residents to enjoy. The submarket has gained considerable attention from developers and investors since the recent opening of the Loop 202, Phoenix’s newest stretch of freeway. The new stretch of freeway has attracted new development of Class A office and single-family homes.
Tower Capital ran a robust process and fielded multiple offers from well qualified lenders with whom we shared a long-standing relationship. The selected lender understood the story of the maturing submarket and the sponsors ability to execute on the intended business plan.
This community will be the fourth build-to-rent development for Tower’s client.
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 $300 Million and have financed over $2 Billion for our clients since inception. We focus on independent financial advising with an entrepreneurial mindset, market vigilance and personalized attention to every client.