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3/19/25
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Tower Capital arranged more than $85 mil in financing for four different projects across four states. The majority of the capital will go to three Build-to-Rent (BTR) communities located in Arizona, Colorado and Texas totaling 342 units.
The largest deal was a $58 mil construction loan for the development of the Village at Centerpoint Station, a 270-unit BTR project in the San Marcos, TX MSA being developed by The Empire Group. Tower Capital also arranged a $16 mil lease-up bridge loan for a 47-unit BTR project in Arizona; as well as a $9 mil construction loan for a 25-unit townhome-style BTR project in Colorado. Tower Capital also arranged a small $2 mil equity investment for a 129-unit multifamily community Florida.
Tower Capital’s Kyle McDonough, George Maravilla, David Stull and Noah Schott originated the financing on behalf of the four borrowers. Here are more details on the financings:
The Village at Centerpoint Station, San Marcos, TX |
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Village at Centerpoint Station San Marcos, Texas Financing -- The Village at Centerpoint Station will be situated on roughly 24 acres of land just west of the northwest intersection of the I-35 and Center Point Rd. The community will include such amenities as open recreational space and an outdoor walking path. Each home will have an average unit size of 1k sf and offer some level of private patio or yard space. The overall community will also offer a fitness center, car care station, BBQ grills, a central community pool and leasing clubhouse. 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.
The San Marcos MSA property is strategically situated in the heart of the Tech Corridor along I-35, conveniently connecting to major employment hubs in both San Antonio and Austin. Tower Capital was able to secure the financing via a national debt fund despite persistent challenging market conditions. Tower was able to get lenders comfortable with both the project and sponsor despite market headwinds. As a result, the Tower team was able to capture multiple competitive term sheets and ultimately secure non-recourse stretch senior construction financing.
Arizona Financing -- Tower Capital arranged $16 mil in non-recourse bridge financing for a 47-unit build-to-rent community in the Phoenix MSA. Construction was completed on the project in Q2 2024, which received its final certificate of occupancy, and is currently in lease-up phase.
The project features a unique and in-demand mix of large three-, four-, and five-bedroom units, open floor plans, ample storage, pocket offices, spacious backyards with covered patio, modern elevations, energy star certification, smart home technology and high-speed Internet. Another attractive amenity at the community are spacious two-car garages with direct access. The average unit size for the project is 1.7k sf and the site provides high identity street frontage and convenient freeway access.
Colorado Financing -- Tower Capital arranged $9 mil in construction financing for a 25-unit build-to-rent townhome community in the Fort Collins MSA. The property is strategically positioned on an “A” location in the Fort Collins community, a rapidly growing city with significant demand for BTR communities. The loan was funded through a local bank.
The Fort Collins market offers significant advantages for this type of development. Nestled in the foothills of the Rocky Mountains, the city is home to major employers such as Hewlett-Packard, AMD, and Intel, along with Colorado State University, ensuring a steady influx of students, faculty, and skilled graduates. This highly educated workforce drives demand for upscale rental housing, while the city’s ongoing investment in infrastructure, sustainability, and public transportation further enhances its appeal.
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