Tower Capital, a leading capital advisor for Build-to-Rent (BTR) construction financing, has arranged $72.9 million in financing for the Village at Golden Triangle, a 317-unit BTR community in Fort Worth, TX.
The Village at Golden Triangle is situated on 30 acres near North Riverside Drive and Golden Triangle Boulevard in Fort Worth. The community includes a mix of one- to three-bedroom layouts and distinctive features such as private walkways in private yards, parking that is convenient to resident’s front doors, along with pet doors, pet parks, and dog washing stations. Amenities include a pool, outdoor grilling areas, a fitness center, community clubhouse and areas where residents can wash their cars. 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.
Tower Capital’s Kyle McDonough, Principal and Co-Founder, along with George Maravilla, Senior Vice President, arranged the financing for both projects 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,” said 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 adds, “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.”