Tower Capital, a leading advisor for Build-to-Rent (BTR) construction financing, has secured $62.4 million in non-recourse construction financing for the development of a 276-unit BTR community in the Southwestern US. The community will be situated on approximately 30 acres of land, with roughly 7.7 acres dedicated to amenities such as a pond, open space, and a walking path.

The units will average 920 square feet in size and will include such options as a private patio or yard space. The overall community will also offer a fitness center, car care station, BBQ grills, a central community pool and clubhouse, and common open space. The units will feature solid surface quartz countertops, stainless steel appliances, premium kitchen backsplashes, full-size washers and dryers, and upgraded smart-home features and technology.

Tower Capital was able to secure the financing despite challenging market conditions, which allows the developer to move forward on the project. Many lenders have stopped funding construction loans in recent months, but the experienced structured finance team at Tower Capital was able to get lenders comfortable with the project financing and secure multiple term sheets for the client.

This financing is the latest in a series of transactions Tower Capital has successfully executed in the Build-to-Rent space. The company has closed more than $1.5 billion in BTR construction financing and joint venture equity for nearly 40 communities encompassing more than 7,000 units. The firm’s pipeline of BTR projects spans multiple states including in Arizona, Texas, Alabama, North Carolina, Colorado and Indiana.