March 25, 2020 Comments (0) Views: 594 Phoenix, Phoenix & Southwest News

Tower Capital Delivers $20M for Mesa Home2 Suites Development

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Phoenix-based Tower Capital advised on more than $20.1 million in financing for the ground-up development of a 111-key Home2 Suites by Hilton hotel in Mesa. The independent-structured finance firm secured a term sheet from the equity provider within one week of going to market.

The four-story hotel will sit on the 18th hole of the Longbow Golf Course, near the Loop 202 and Recker Road in Mesa’s Falcon District. The District has 671 companies primarily based in high-tech manufacturing and aviation, comprising more than 19,000 employees.

The financing included $8,096,000 in Joint Venture Qualified Opportunity Zone Equity Financing, and $12,025,000 in senior construction financing. Tower Capital utilized a national hotel construction lender, which provided 60% loan-to-cost with an interest rate of one-month Libor plus 3.40%. Construction on the hotel commenced earlier this year, and the hotel is set to open in Q1 2021.

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