Construction financing secured for BTR townhome community along rail line

By AZRE | AZ Big Media

Tower Capital arranged $14,225,000 in non-recourse construction financing for 19 North, a build-to-rent Townhome community in Phoenix. The community is planned for 96 contemporary styled townhomes that are set within the 19NORTH Transit-Oriented District at the north end of the light rail line along 19th Avenue between Montebello and Dunlap.

“Tower Capital has been closely tracking the ongoing explosion of single-family build-to-rent development projects across Phoenix and we have a compelling build-to-rent pipeline that exceeds $800 million,” said Tower Capital co-founder Kyle McDonough. “This project sits within the overall 19 North corridor, which is an emerging, multigenerational community involving a collaborative partnership between the City of Phoenix, community leaders and stakeholders.”

The 19 North unit mix will consist of one-, two- and three-bedroom townhomes, some with attached garages, which presents a unique and competitive alternative to current apartment rental housing in the area. The gated community features lifestyle amenities such as a large resort-style pool, SOHO house-style great room, multiple flex office spaces, a package room, a pickle ball court and a chef’s kitchen with culinary events.

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