Tower Capital, a leading commercial real estate finance firm, recently secured a $29.5 million construction loan for the development of a Build-to-Rent (BTR) community in Dallas. The financing was arranged by Kyle McDonough, George Maravilla, David Stull and Noah Schott on behalf of an undisclosed sponsor.
The transaction involves non-recourse financing for the development of a 118-unit BTR townhome community by a reputable multifamily and BTR/SFR development and investment company based in Dallas. The community will be situated on approximately 15.5 acres of land with dedicated space for amenities such as open recreational areas and an outdoor walking path. Located just off Sam Rayburn Highway (SH-121) in Melissa, the site is conveniently located near US-75.
Each home within the community will have an average size of 1,655 square feet with private patios or yard space available to residents. In addition to these individual features, residents will also have access to shared amenities including a swimming pool, clubhouse with fitness center,
BBQ area,
playground,
and pickleball courts.
This project marks another successful collaboration between Tower Capital and its clients as they continue to support innovative developments that enhance communities across Texas.
