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Tower Capital Arranges Over $100 Mil in Financing on Four Build-for-Rent Developments

8/26/21

Tower Capital arranged nearly $108 mil in combined financing for four single-family, build-for-rent (BFR) developments in two states. The larger of the transactions involve Empire Group’s development plans in Metro Phoenix for the Village at Paseo de Luces in Tolleson, AZ and Village at The BLVD in Avondale, AZ. Tower Capital also arranged financing for Family Development’s Arise North PHX in Metro Phoenix and arranged financing for a single-family BFR project in Charlotte, North Carolina.

The BLVD, Avondale
The BLVD, Avondale
Both The BLVD and the Paseo de Luces developments offer residents privacy, luxury, and top of the line amenities. Scottsdale-based Empire Group has developed more than 100 projects valued at north of $1 bil. The larger build-for-rent deal is the Village at Paseo de Luces, a 272-unit, single-family BFR community in Tolleson, for which Tower Capital arranged more than $46 mil in construction financing. The property sits on 22.41 acres and will offer one-bedroom/one-bathroom, two-bed/two-bath, and three-bed/two-bath units, with an average unit size of 949 sf. The project is set to break ground in September 2021 and deliver its first units in September 2022.

The Village at Paseo de Luces community will feature detached garages, a designer workout facility, a recreation building with community kitchen and gathering area, a resort style pool, spa, barbeque and kitchen area, large green belts, a dog park with a washing station and a gated entrance. The units will feature fenced and gated private patios and backyards with lush landscaping, premium countertops, stainless steel appliances, 10-foot ceilings, walk-in closets, high-speed fiber optic internet service, smart home technology, upgraded kitchen cabinetry and faux wood flooring.

The second Empire Group deal involves $27 mil in Tower Capital-arranged construction financing for a 187-unit, single-family BFR community located within The BLVD, a 356-acre mixed use district in Phoenix’s West Valley. The Village at The BLVD will sit on 17 acres, with an average unit size of 929 sf. The project is set to commence construction in mid-August 2021 and deliver its first units in August 2022.

The Village at The BLVD community will feature detached garages, a designer workout facility, recreation building with community kitchen and a gathering area, a resort style pool, spa, barbeque and kitchen area, large green belts, and a dog park with washing stations and a gated entrance. Additionally, the units will feature fenced and gated private patios and backyards with lush landscaping, premium countertops, stainless steel appliances, 10-foot ceilings, walk-in closets, high-speed fiber optic internet service, smart home technology, upgraded kitchen cabinetry and faux wood flooring.

Also in Arizona, Tower Capital secured $13.9 mil for Arise North PHX, a BFR project adjacent to Anthem, a 5,860-acre master-planned community in Phoenix’s North Valley. The project will feature 170 detached units including one, one and half and two bedrooms, averaging 850 sf. The project is set to commence construction in December 2021 and begin delivering units in Q3 2022. This will be Family Development’s second single story rental project in the Phoenix metro and fourth build-for-rent project in the Phoenix metro. More projects are in the works for Idaho, Texas and California.

In the fourth transaction, Tower Capital arranged $19.1 mil in financing for a BFR project in North Carolina on behalf of an unnamed Phoenix investor. Tower Capital has closed more than $400 mil in financing transactions for Build-for-Rent product and the firm’s pipeline of projects spans multiple states including in Arizona, Texas, Alabama, Georgia and Florida.




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