Tower Capital successfully arranged $78,500,000 in non-recourse bridge financing for a newly constructed 332-unit build-to-rent community in Phoenix, AZ. The bridge loan refinanced the construction loan at final certificate of occupancy. The loan amount provided a return of equity to the preferred equity investors and allowed the Sponsor time to stabilize the asset prior to putting a permanent loan in place.

The subject property is situated on 30.2 acres, with an average unit size of 921 square feet. The community features detached garages, a dog-park, BBQ grill, resort-style pool, clubhouse and common area open space. The units have solid surface quartz countertops, stainless steel appliances, premium kitchen back splashes, full-size washers/dryers, and upgraded smart-home features & technology. Each home offers a private yard.

Tower Capital has successfully closed more than $1 billion in construction financing and joint venture equity for 6,000 units across 35 build-to-rent communities and continues to be a leader in the marketplace with another $500 million of projects in the pipeline. The firm’s pipeline of projects spans multiple states including in Arizona, Texas, Alabama, North Carolina, Colorado and Indiana.