CHARLOTTE, N.C. — Tower Capital has arranged $19.1 million in acquisition financing for 99 build-for-rent townhomes in Indian Trail, a suburb of Charlotte. The property includes two-story, three-bedroom townhomes with attached garages.
An undisclosed investor based in Phoenix received the two-year financing that features a floating interest rate 400 basis points above LIBOR and a six-month extension option.
Including the property in Indian Trail, Tower Capital has arranged nearly $108 million in combined financing for several single-family and build-for-rent developments. These transactions include three assets in Arizona: Village at Paseo de Luces in Tolleson, Village at The BLVD in Avondale and Arise North PHX in metro Phoenix.
Tower Capital has closed more than $400 million in financing transactions for build-for-rent properties and has another $1 billion of projects in the pipeline that spans multiple states including Arizona, Texas, Alabama, Georgia and Florida.