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Phoenix & Southwest  + Phoenix  + Finance  |  April 20, 2022
Avenue North is developing Proximity 7th, a build-to-rent community in Phoenix
Paul Bubny
By: Paul Bubny

Tower Capital Lines Up Financing on Phoenix Build-to-Rent 

Tower Capital arranged more than $20 million in non-recourse construction financing for Proximity 7th, a build-to-rent (BTR) multifamily community being developed by Avenue North real estate investments in Phoenix. The seven-acre property is located at 801 E. Euclid Ave. and will house an 84-unit BTR development that’s expected to deliver the first units in 2023’s first quarter.  

Kyle McDonough, principal and co-founder at Tower Capital, said, “We are continuing to see demand for single-family and build-to-rent projects across the country. While financing is more complex for BTR development, it is a product type Tower Capital is a proponent of.” The Phoenix-based lender has closed more than $575 million in financing transactions for BTR. 

Proximity 7th will feature luxury two-bedroom carriage units and three-bedroom townhome units. Homes will include private entrances, private backyards, hard surfaced countertops, full size washer and dryers, stainless steel appliances, 10-foot-plus ceilings and smart home technology packages. 

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Inside The Story

Tower Capital's McDonough

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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