Tower Capital successfully arranged non-recourse construction financing for a build-to-rent Townhome community totaling $14,225,000. The subject property consists of 96 contemporary styled townhomes in a gated community with lifestyle amenities such as a large resort style pool, SOHO house style great room, multiple flex office spaces, a package room, a pickle ball court and a chef’s kitchen with culinary events. The unit mix will consist of one, two and three bedroom townhomes, some with attached garages, which presents a unique and competitive alternative to current apartment rental housing in the area. The property is in close proximity to the Light Rail, Sprouts, Medical Offices including Blue Cross Blue Shield and NHW Community Health.

One of the main challenges on this transaction was that although the sponsor had a great track record in other real estate transactions and the restaurant industry, this would be his first ground up development. With its extensive lending relationships, knowledge and experience in the build-to-rent sector, Tower Capital was able to provide multiple term sheets to the sponsor within weeks of being hired.