Tower Capital, an independent structured finance firm, successfully arranged $20,121,000 in development financing for a Home2 Suites by Hilton in Mesa, Arizona. This deal puts Tower Capital at nearly $200 million in arranged financing for Q1 this year, marking the company’s most successful first quarter since its inception in 2015.
The 111-key hotel property will be four stories tall and sit on the 18th hole of the Longbow Golf Course near the Loop 202 and Recker Road in Mesa’s Falcon District. The area is home to 671 companies in the technology, manufacturing and aviation industries that employ more than 20,000 people.
“The location of this hotel is pivotal,” said Kyle McDonough, principal at Tower Capital. “The growth in this opportunity zone is accelerating and we look forward to watch it all unfold.”
Home2 Suites by Hilton features lifestyle focused amenities that provide a full complement of services and flexibility for a customized guest experience. Suites provide separate living and bedroom space featuring the proprietary Home2 Suites by Hilton “working wall,” which incorporates the kitchen and a flexible working/media space.
“This deal wouldn’t have happened without Tower Capital,” said Jon Green, senior vice president at Concord Eastridge. “Kyle and his team were instrumental, and thanks to them the Falcon District will finally get a hotel to host the thousands of business travelers who visit the area.”
The hotel’s close proximity to national parks, the Salt River and Saguaro Lake means it will cater to the tourism in addition to business travel. The hotel broke ground in February 2020 and is set to open in the first quarter of 2021.
Tower Capital will soon hit two major milestones: the company’s fifth anniversary and $1 billion in successful debt and equity placements since 2015.