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Tower Capital Arranges $39M for Build-to-Rent Development in Indian Trail
Tower Capital has arranged $37.5 million in financing for the development of Poplin Glen, a 169-unit build-to-rent project in the Charlotte submarket of Indian Trail, NC.
The project will feature two-story, three-bedroom townhomes with an average size of 1,900 square feet and direct access to two-car garages. The property is expected to cater to families due to high-scoring schools nearby.
“Consumers continue to be attracted to top quality build-to-rent housing projects and that continues to drive demand for new developments,” said Kyle McDonough, Tower Capital principal and co-founder. “We just arranged our second financing in NC, and our BTR originations completed in the Sunbelt now totals 30 projects since 2018.”
“Rising mortgage rates are causing potential buyers to take a look at single-family rentals, which can offer more affordable economics compared to buying a house, while delivering the lifestyle and flexibility they seek,” adds McDonough. “For those reasons, it is expected that demand will continue to increase for BTRs.”
- ◦Development
- ◦Financing
