Tower Capital successfully arranged non-recourse construction financing for a build-to-rent Multifamily community totaling $30,600,000.  The subject property consists of 217 luxury units featuring 1, 2- & 3-bedroom units, walking-paths, community areas, a dog-park, clubhouse, fitness center, pool and spa.  Some of the units will be detached and some will be duplex units, and all will feature private entrances, private backyards, quartz countertops, stainless steel appliances and smart home features and technology.  The site is located in the highly desirable neighborhood of Laveen Village, close to nearby job centers and walkable to nearby retail.  Laveen is a submarket which has gained considerable attention from developers and investors since the recent opening of the Loop 202, Phoenix’s newest stretch of freeway.  The new stretch runs through Laveen just 1.3 miles west of Sanctuary and connects East and West Valley cities.  It is expected to bring considerable growth to Laveen.

COVID-19 has led to many lenders hitting pause on construction loan programs for new clients.  Despite this unprecedented uncertainty in the capital markets, Tower Capital was able to source multiple non-recourse construction loan options to meet the borrower’s goals and objectives.