Tower Capital successfully arranged $88,500,000 in non-recourse construction financing for a 354-unit build-to-rent community in The Phoenix MSA. The development is located in the rapidly growing North Phoenix submarket, less than 2 miles from the $40 billion chip manufacturing plant that Taiwan Semiconductor Manufacturing Company (TSMC), the world’s largest manufacturer of semiconductor chips, is currently under construction on.

The subject property will be situated on ~30 acres, with an average unit size of 920 square feet.  The community will feature detached garages, a dog-park, BBQ grill, resort-style pool, clubhouse and common area open space.  The units will have solid surface quartz countertops, stainless steel appliances, premium kitchen back splashes, full-size washers/dryers, and upgraded smart-home features & technology.  Each home offers a private yard.

Terms were agreed to in  Q2/2023 when the lender anxiety over the Federal Reserve’s future actions were heightened.  The majority of lenders were no longer lending or being extremely selective with loan approvals in response to the uncertainty of the economic environment.  Given our team’s depth of knowledge about the market and product type, Tower was able to get lenders comfortable with the project financing and secure multiple term sheets despite the market conditions.

Tower Capital has successfully closed more than $1.1 Billion in build-to-rent construction financing and joint venture equity for 36 communities encompassing more than 6,300 units.