Tower Capital arranged more than $20 million in non-recourse construction financing for Proximity 7th, a build-to-rent (BTR) multifamily community being developed by Avenue North real estate investments in Phoenix. The seven-acre property is located at 801 E. Euclid Ave. and will house an 84-unit BTR development that’s expected to deliver the first units in 2023’s first quarter.
Kyle McDonough, principal and co-founder at Tower Capital, said, “We are continuing to see demand for single-family and build-to-rent projects across the country. While financing is more complex for BTR development, it is a product type Tower Capital is a proponent of.” The Phoenix-based lender has closed more than $575 million in financing transactions for BTR.
