Townhome Construction – Phoenix, AZ
- Capital Source: Non-Bank Lender
- Purpose of Loan: Construction
- Total Funding: $7,510,760
- LTC: 85.00%
- Recourse: Non-Recourse
Transaction Details:
Tower Capital recently facilitated $7,510,760 (85% LTC) in non-recourse construction financing for the development of a 20-unit, 3-story for-sale townhome community in an infill neighborhood in Phoenix, AZ. Eighteen of the 20 proposed townhomes will contain three bedrooms and three bathrooms with an attached garage on the ground floor. Two of the units will contain two bedrooms with a den and two and one-half bathrooms. Sixteen units will have two-car garages and four will have a single-car garage. All units will have a rooftop deck which is a unique amenity for homes in this submarket. The proposed 3BD/3BA townhome units will range in size from 2,104 – 2,208 square feet, with an average of 2,143 square feet. Tower leveraged its diverse lender relationships to source a stretch senior construction loan for a unique product in an up and coming neighborhood. Tower’s capital source understood the long term growth of the submarket which has good access and many demand drivers. Tower Capital was able to source multiple non-recourse construction loan options to meet the borrower’s goals and objectives.
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 $3 Million to $300 Million and have financed over $1.3 Billion for our clients since inception. We focus on independent financial advising with an entrepreneurial mindset, market vigilance and personalized attention to every client.
