Financing Amount:
Ground Up Development
Capital Source:
Institutional Private Equity
Transaction Details:

Tower Capital and its affiliates were successful in introducing its client to an institutional private equity group which resulted in $8,411,000 in joint venture equity financing for the development of a 135-unit single family rental community.   The equity will be behind 65% LTC bank financing from an existing sponsor relationship.  This community will offer residents numerous amenities including onsite leasing & management office, swimming pool, dog park, green community space, basketball court and covered parking.

This community is at the forefront of the new and rapidly growing asset class called single family build-to-rent. The asset class is uniquely positioned between multifamily and single family to provide a lifestyle for people who desire the privacy and backyard offered by single family living. The asset class also appeals to renters who have grown accustomed to living independently and are looking to downsize in space from larger single family homes often requiring more maintenance and upkeep.

One of the main challenges on this transaction was that, although the sponsors have a great track record in the developing single family homes and condos, this is their first single family build-to-rent development.  The sponsors had been searching for an equity partner for almost a year with no success, before hiring Tower Capital.  Within weeks, Tower Capital had multiple equity providers wanting to invest with them.  The sponsors reviewed multiple offers, and picked one which provided 95% of the equity stack.

Tower Capital’s lending sources are currently seeking opportunities in multifamily and the single family build-to-rent space. For more information, please contact Tower Capital at (480) 426-0560

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