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BTR Daily - May 20, 2025 - Tower Capital closes $79.5 million refi

BTR Daily - May 20, 2025 - Tower Capital closes $79.5 million refi

BB Living launches 108-unit BTR. Urban Moment delivers 293 units. Crescent breaks ground on 125 units. BTR survey. Two new BTR deals.

Matt H & Aid Sopjani
May 20, 2025

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NEWS ROUNDUP

FINANCING: Tower Capital closes $79.5 million refi for Phoenix BTR. Tower Capital has secured a $79.5 million nonrecourse refinancing for the 354-unit Village at Bronco Trail BTR community in North Phoenix. Sponsored by Empire Group, the project spans 30 acres at 29th Avenue and Sonoran Desert Drive, with first deliveries slated for this fall. The deal was originated by Tower’s Kyle McDonough, George Maravilla, David Stull, and Noah Schott.

DEVELOPMENT: BB Living launches 108-unit BTR. BB Living has launched leasing at BB Living Desert Ridge, a 108-unit BTR community of luxury single-family townhomes in Phoenix. The project is part of the sought-after Talinn master-planned community in Desert Ridge. The homes, which began leasing in March with rents starting at $2,710, offer three- and four-bedroom floor plans with two-car garages, private landscaped backyards, and smart home systems. Branden Lombardi, president of BB Living, said the community offers a more affordable option to access prime neighborhoods as high mortgage rates persist into 2025.

DEVELOPMENT: Urban Moment delivers 293-unit Texas BTR. Urban Moment Development has completed YardHomes Cottonwood Creek, a 293-unit BTR community in Hutto, a northern suburb of Austin. The project offers one-, two-, and three-bedroom homes ranging from 635 to 1,391 sq. ft., each with private fenced backyards, stainless steel appliances, quartz countertops, in-unit washers and dryers, and smart home features. Community amenities include a fitness center, event lawn, pickleball court, and dog park. Rents for one-bedroom units start at approximately $1,500 per month.

DEVELOPMENT: Crescent Communities breaks ground on 125 units. Crescent Communities has broken ground on HARMON Ascend, a 125-unit BTR community in Avondale, Arizona, marking the firm’s first HARMON-branded development in the Phoenix metro area. The community will offer three- and four-bedroom townhomes with two-car garages and shared amenities including a resident clubhouse, pool, grills, fire pits, and outdoor gathering spaces. First move-ins are expected in spring 2026. Tony Chen, Senior Managing Director of Single-Family BTR at Crescent, said the community is designed to foster connection and low-maintenance living.

READ: BTR survey.