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Texas  + Dallas-Fort Worth  + Apartments  |  February 21, 2022
Boomerang Ranch Greeley Colorado
David Cohen
By: David Cohen

Tower Capital Arranges $28M Construction Loan for McKinney BTR Project

Tower Capital has arranged non-recourse construction financing in the amount of $27.8 million for a build-to-rent multifamily community in McKinney, TX.

The 13-acre property will consist of 128 units as well as a suite of amenities including a resort-style swimming pool and spa, fitness center, playground and dog park. Some units will be detached, while some will be duplex units with a mix of 1-story and 2-story units.  A portion of the units will have an attached garage.

Tower secured an 80% LTC loan with a 36-month term as well as one 6 month extension. The borrower and lender were not disclosed. The build-to-rent development will the borrower’s first community in their pipeline.

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Tower Capital

About David Cohen

David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector. Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA. David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.
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