For Tower Capital, the hits just keep coming. The Scottsdale company surpassed $1 billion in lending activity for the rapidly growing build-to-rent sector. The financings have helped developers add roughly 6,000 units across 35 communities across the Sunbelt.
Tower Capital’s $1 billion milestone was met after recently arranging $120.5 million in financing for two build-to-rent (BTR) luxury communities in Glendale and Peoria owned by Scottsdale-based Empire Group of Cos. The lease-up bridge and construction financing is for the newly developed Village at Pioneer Park, a 332-unit project, and Village at Skyline Ranch, a 167-unit project.
Founded in 2015, Tower Capital provides customized structured financing to investors throughout the nation. It specializes in debt and equity placement ranging from $3 million to $300 million and has financed $3 billion for commercial real estate clients since its inception.