Commercial real estate finance firm Tower Capital successfully arranged a construction loan for The Village at Pioneer Park, a new single-family rental community to be built in Peoria, Ariz. Tower Capital represented the Scottsdale-based real estate developer, The Empire Group.
The horizontal apartment project consists of 332 units and will sit on 30.2 acres. The units will average 950 square feet and will have premium countertops, stainless steel appliances, 10-foot ceilings, walk-in closets, smart home technologies and private yards. The community will feature detached garages, a designer workout facility, a resort-style pool and spa, a dog park and gated entrance.
The Village at Pioneer Park will be located in Peoria at 83rd and Olive avenues. Construction is scheduled to be completed in 2022.
“Single-family rentals are exploding right now, and Phoenix is ground zero,” said Kyle McDonough, principal at Tower Capital. “This newer asset class is a direct response to renters’ growing demand to enjoy the experience of single-family living with the flexibility of apartment-style rental agreements, and Tower Capital is at the forefront of this emerging trend.”
McDonough oversaw the Pioneer Park transaction, along with Tower Capital Senior Vice President George Maravilla and Vice President Vin Basa. They are scheduled to close an additional three deals over the next week, bringing the total amount of single family build-for-rent construction loans to nearly $110 million.
Additionally, Tower Capital Principal Adam Finkel closed eight multifamily deals since late August, totaling $25.3 million and 401 units.
“We’ve successfully arranged $315 million in commercial real estate financing since the beginning of 2020,” said Finkel. “Our accomplishments despite an economic downturn is a testament to this team’s diligence and flexibility.”
Tower Capital recently celebrated $1 billion in total successful deals since the company was founded five years ago. Bringing together a dynamic set of talents and experience, the firm’s capital advisors have participated in almost every area of the commercial real estate industry including real estate brokerage, mortgage banking, securities, private lending, and development across all real estate asset classes.