Tower Capital recently arranged high leverage acquisition financing for 169 to-be-built for-rent townhomes in the Charlotte, NC MSA.  The project features two-story three-bedroom homes with an average square footage of 1,900 feet across six distinct floor plans.  The homes will also include 2 car direct access 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.

The loan is floating rate at SOFR plus 450 bps, 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.

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.