Financing Amount:
Construction Completion
Avondale, AZ
Transaction Details:

Tower Capital successfully arranged construction completion financing for a 187-unit build-to-rent (BTR) community totaling $40,500,000.  The property consists of multiple buildings that were partially complete, and horizontal improvements that were mostly complete.  The sponsor had a construction lender that was unwilling to upsize the construction loan in place to account for cost increases.  Tower Capital was successful in quickly sourcing a replacement lender with experience providing construction loans mid-construction that was able to close quickly and fund the next construction draw.  The rapid execution ultimately closed within a few weeks of signing a term sheet with the lender at 70% LTC. 

The community is located within the 356-acre mixed-use district in Avondale, AZ known as The BLVD, which is comprised of six complementary land use districts.  The initial phases of The BLVD consist of hotel development, the American Sports Center, a transit center, retail uses, and multifamily residential. 

Village at The BLVD will be comprised of 187 units on 17.00 acres, with an average unit size of 929 square feet. The BTR community will feature detached garages, a designer workout facility, rec building with community kitchen and gathering area, a resort style pool, spa, barbeque and kitchen area, large green belts, a dog park with washing station and a gated entrance. The units will feature fenced and gated, private patios and backyards with lush landscaping, premium countertops, stainless steel appliances, ten-foot ceilings, walk-in closets, high-speed fiber optic internet service, smart home technology, upgraded kitchen cabinetry and faux wood flooring.  The smart home technology will include a digital thermostat, lighting controls, keyless door entry, doorbell with camera – all controlled from a smart phone or tablet application. 

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