Tower Capital, a number one capital advisor for Build-to-Rent (BTR) development financing, has organized $72.9 million in financing for the Village at Golden Triangle, a 317-unit BTR neighborhood in Fort Worth, TX.
The Village at Golden Triangle is located on 30 acres close to North Riverside Drive and Golden Triangle Boulevard in Fort Worth. The neighborhood consists of a mixture of one- to three-bedroom layouts and distinctive options similar to non-public walkways in non-public yards, parking that’s handy to resident’s entrance doorways, together with pet doorways, pet parks, and canine washing stations. Amenities embody a pool, outside grilling areas, a health heart, neighborhood clubhouse and areas the place residents can wash their vehicles. The models will characteristic strong floor quartz counter tops, stainless-steel home equipment, premium kitchen backsplashes, full-size washers and dryers, and upgraded smart-home options and know-how.
Tower Capital’s Kyle McDonough, Principal and Co-Founder, together with George Maravilla, Senior Vice President, organized the financing for each initiatives on behalf of Empire Group, the Arizona-based developer.
“Tower Capital continues to secure financing for BTR communities across the Sunbelt markets despite challenging market conditions, thus allowing developers to move forward with plans for their projects,” stated McDonough. “Many lenders have stopped funding construction loans this year, but the experienced structured finance team at Tower Capital was able to get lenders comfortable with the project financings and secure multiple term sheets for the client.”
Maravilla provides, “We have successfully arranged multiple loans for Build-to-Rent projects that Empire is bringing to market in Texas and Arizona. The BTR single-family-style residential asset class has emerged as viable option for commercial real estate investors. We intimately understand the complexities of construction financing for BTR projects and are able to educate lenders, which is one reason our team is counted on by developers seeking capital to fund their BTR developments.”
