$50m in financing arranged for three single single-family rental developments
Tower Capital has arranged a programmatic joint venture with an institutional private equity firm, which resulted in $50 million in financing for three separate single-family rental developments.
The financing will be coupled with 60 percent loan-to-cost construction debt from an existing sponsor relationship for the first 114-unit townhome community on a 5.4-acre site in Surprise, Ariz.
Construction on the site at W. Bell Road and N. Litchfield Road in Surprise is anticipated to commence in March 2021, and the project is expected to be completed in 18 months. The two- and three-bedroom homes will feature bright kitchens that open to large great rooms, two bathrooms, a powder room and convenient in-unit laundry rooms. With granite countertops, plentiful cabinets, handsome flooring and upgraded fixtures, all details are commensurate with newly built single-family homes. Each home at TOWN Surprise also includes a private courtyard and viewing decks that is perfect for pe