Tower Capital arranges more than $85 million in financing for BTR & multifamily projects

Scottsdale, AZ Tower Capital arranged more than $85 million 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. Tower Capital’s Kyle McDonough, managing partner and co-founder, George Maravilla, partner, David Stull, vice president, and Noah Schott, capital advisor, originated the financing on behalf of the four borrowers. 

The largest deal was a $58 million 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 million lease-up bridge loan for a 47-unit BTR project in Arizona; as well as a $9 million construction loan for a 25-unit townhome-style BTR project in Colorado. Tower Capital also arranged a small $2 million equity investment for a 129-unit multifamily community Florida. 

McDonough said, “Tower Capital continues to be a leading advisor for build-to-rent financing. These financings are the latest in a series of transactions our team has arranged in the BTR space and underscores the significant market penetration we have achieved in the state of Texas specifically.” 

Tower Capital has capitalized more than $2.3 billion, primarily in construction financing, for build-to-rent projects involving 49 communities encompassing more than 8,500 units across the country. That includes closing more than $100 million in BTR construction financing in the state of Texas in the last 90 days alone with a substantial pipeline behind it.