Tower Capital advised on $8,096,000 in Joint Venture QOZ (Qualified Opportunity Zone) Equity Financing and $12,025,000 in senior construction financing for the ground-up development of a 111-Key hotel property located in Mesa, Arizona, a suburb of Phoenix, Arizona. The property sits adjacent to the Longbow Golf Club and the Falcon District which has 671 companies with a strong base of high-tech manufacturing and aviation companies comprising 19,000+ employees.
Falcon Field is the 3rd busiest general aviation and 25th busiest overall airport in the USA and is owned and operated by the City of Mesa. Tower Capital’s local knowledge and expertise in the submarket resulted in Tower securing a term sheet from the equity provider within one week of going to market. In addition, Tower utilized a national hotel construction lender who provided 60% loan to cost with an interest rate of 1 Month Libor + 3.40%.
