Tower Capital successfully arranged non-recourse construction financing for a build-to-rent Multifamily community totaling $27,900,000.  The subject property consists of 166 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 South Mountain, close to nearby job centers and only one block from the picturesque South Mountain Reserve that boast more than 50 miles of trails for hiking, horseback riding and mountain biking for residents to enjoy.  The submarket 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 of freeway has attracted new development of Class A office and single-family homes.

Tower Capital ran a robust process and fielded multiple offers from well qualified lenders with whom we shared a long-standing relationship.  The selected lender understood the story of the maturing submarket and the sponsors ability to execute on the intended business plan.

This community will be the fourth build-to-rent development for Tower’s client.