Financing Amount:
$78,500,000
Purpose:
Lease Up Bridge
Location:
Phoenix, AZ
Capital Source:
Debt Fund
Transaction Details:

Tower Capital successfully arranged $78,500,000 in non-recourse bridge financing for a newly constructed 332-unit build-to-rent community in Phoenix, AZ. The bridge loan refinanced the construction loan at final certificate of occupancy. The loan amount provided a return of equity to the preferred equity investors and allowed the Sponsor time to stabilize the asset prior to putting a permanent loan in place.

The subject property is situated on 30.2 acres, with an average unit size of 921 square feet. The community features detached garages, a dog-park, BBQ grill, resort-style pool, clubhouse and common area open space. The units 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.

Tower Capital has successfully closed more than $1 billion in construction financing and joint venture equity for 6,000 units across 35 build-to-rent communities and continues to be a leader in the marketplace with another $500 million of projects in the pipeline. The firm’s pipeline of projects spans multiple states including in Arizona, Texas, Alabama, North Carolina, Colorado and Indiana.

recent transactions

Scottsdale

15333 N. Pima Road
Suite 375
Scottsdale, AZ 85260
480-426-0560
AZ CMB-0928926

Dallas

2626 Cole Ave
Suite 300
Dallas, TX 75204
214-661-7633

Los Angeles

1801 Century Park East
24th & 25th Floors
Los Angeles, CA 90067
323-923-6032
CA DRE-02237859
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