Single Family Build-To-Rent

  • Property Type: Single-Family Build-To-Rent
  • Financing Amount: $78,500,000
  • Purpose: Lease Up Bridge
  • Location: Phoenix, AZ
  • Capital Source: Debt Fund
  • Recourse: Non-Recourse

Transaction Details:

Tower Capital successfully arranged $78,500,000 in non-recourse bridge financing for a newly constructed 332-unit build-to-rent community in Phoenix, AZ.  The bridge loan refinanced the construction loan at final certificate of occupancy.  The loan amount provided a return of equity to the preferred equity investors and allowed the Sponsor time to stabilize the asset prior to putting a permanent loan in place.

The subject property is situated on 30.2 acres, with an average unit size of 921 square feet.  The community features detached garages, a dog-park, BBQ grill, resort-style pool, clubhouse and common area open space.  The units have solid surface quartz countertops, stainless steel appliances, premium kitchen back splashes, full-size washers/dryers, and upgraded smart-home features & technology.  Each home offers a private yard.

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.

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 Scottsdale, Arizona, Tower Capital provides customized structured financing to commercial real estate investors throughout the United States. The firm specializes in arranging debt and equity from $5 million to $300 million and has financed in excess of $2.8 billion for clients since inception. Tower Capital focuses on independent financial advising with an entrepreneurial mindset, market vigilance and personalized attention to every client.