Tower Capital reports it closed nearly $370 million in financing transactions so far in 2021 and is on track to reach $750 million for the year.
The commercial real estate lending activity in H1 2021 was powered by a surge in build-for-rent (BFR) activity as well as increased activity to meet housing demand including conversions of hotels to multifamily housing.
Tower Capital’s principal and co-founder Adam Finkel, CCIM, said, “Tower Capital remains on the leading edge of Phoenix’s exploding commercial real estate market. We continue to see significant activity in the build-for-rent market nationally, an asset class that gained popularity in Phoenix and for which we have another $1 billion of BFR projects in the pipeline. Our results this year also reflect a burgeoning hotel-to-multifamily conversion trend.”