Tower Capital recently arranged high leverage acquisition financing for 99 to-be-built for-rent townhomes in the Charlotte, NC MSA. The loan is floating rate at Libor plus 400 bps, with a floor at 4.25% and has a 2-year term with a 6-month extension option.  The structured facility will allow the borrower to acquire the individual homes as they receive certificates of occupancy in separate phases.

The subject property will consist of two-story three-bedroom townhome units with direct access attached garages and will cater to families in the surrounding area due to its high scores for schools, good retail and a more secluded family setting.

Tower leveraged its extensive expertise in the single-family rental sector to source options for the Sponsor that met their goals and objectives. Tower’s client, an Arizona-based real estate investment company has a 25-year track record acquiring and stabilizing multifamily assets throughout the country.