Tower Capital Sees Significant Activity in Build-for-Rent Market
Tower Capital closed nearly $370 million in financing transactions so far in 2021 and is on track to reach $750 million for the year. The commercial real estate lending activity in H1 2021 was powered by a surge in build-for-rent (BFR) activity as well as increased activity to meet housing demand including conversions of hotels to multifamily housing.
“We continue to see significant activity in the build-for-rent market nationally, an asset class that gained popularity in Phoenix and for which we have another $1 billion of BFR projects in the pipeline,” says Adam Finkel, principal and co-founder of Tower Capital. “Our results this year also reflect a burgeoning hotel-to-multifamily conversion trend.”
Tower Capital’s 2021 activity encompassed 31 acquisition, refinancing and construction transactions including more than 2,800 multifamily units, 800 single-family build-for-rent units, more than 290,000 square feet of industrial space and a robust deal pipeline exceeding $250 million expected to close in the next 60 days. The company participated in a wide array of debt and equity placements across asset classes. The most active capital sources so far this year have been debt funds, banks and agency lenders.
Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM.
In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.