Tower Capital arranges $ 56 million construction loan for Pioneer Park village in Peoria

Commercial real estate finance company Tower Capital has successfully arranged a construction loan for The Village at Pioneer Park, a new single-family rental community to be built in Peoria, Arizona. Tower Capital represented Scottsdale-based real estate developer The Empire Group.

The horizontal apartment project consists of 332 units and will span 30.2 acres. Units will average 950 square feet and will have top quality countertops, stainless steel appliances, 10 foot ceilings, walk-in closets, smart home technology, and private courtyards. The community will include detached garages, a designer workout room, a resort-style pool and spa, a dog park and a gated entrance.

The Village at Pioneer Park will be located in Peoria at 83rd and the avenues of Olives. Construction is expected to be completed in 2022.

“Single-family rentals are exploding right now and Phoenix is ​​point zero,” said Kyle McDonough, director of Tower Capital. “This new asset class is a direct response to the growing demand from tenants to enjoy the experience of single family living with the flexibility of apartment style leases, and Tower Capital is at the forefront of this. emerging trend. “

McDonough oversaw the Pioneer Park transaction, with Tower Capital Senior Vice President George Maravilla and Vice President Vin Basa. They are expected to close three more deals over the next week, bringing the total amount of single-family home construction loans for rent to nearly $ 110 million.

Additionally, Tower Capital Director Adam Finkel has completed eight multi-family deals since late August, totaling $ 25.3 million and 401 units.

“We have successfully put in place $ 315 million in commercial real estate financing since the start of 2020,” said Finkel. “Our achievements despite an economic downturn bear witness to the diligence and flexibility of this team. “

Tower Capital recently celebrated $ 1 billion in successful transactions since the company was founded five years ago. Bringing together a dynamic mix of talent and experience, the firm’s capital advisors have been involved in nearly every area of ​​the commercial real estate industry, including real estate brokerage, mortgage banking, securities, private lending and development in all categories of real estate assets.

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