Tempo Capital Group provides $42 million loan for new Build-To-Rent residential development in the Woodlands/Conroe submarket of Houston, Texas
Michel Berkefounder of Tempo Capital, closes financing for the 45-acre, 287-unit project.
HOUSTON, May 10, 2022 /PRNewswire/ — Tempo Capital, a national financier for homebuilders and residential real estate developers, hosted a $42 million ready for a Texas build-to-let based developer providing land acquisition, development and construction financing of a unique residential project.
The builder is acquiring 45 acres of vacant land to develop and build a multi-family community of 287 rental units. The horizontal residential development will include stand-alone one-storey cottages, duplexes and iconic two-storey patio homes set in well-designed tree-lined boulevards. Common areas will include a swimming pool, fitness center and clubhouse.
“I am thrilled to provide the developer with funding for a truly innovative housing concept,” Berke said. “The different types of products meet accessible and diverse housing needs within one well-managed and serviced community. Our client has a proven track record in developing such communities and realizes strong demand for their product. Market reports indicate leasing will be 20 units per month with an expected completion of 18 months The builder will stabilize and then seek a community disposition We value our relationship and continue to expand our footprint through satisfied borrowers.
The horizontal multifamily rental market continues to demonstrate strong consumer demand in the Houston MSA and other markets nationwide, as supply continues to slow. “As build-to-rent continues to thrive, builders and capital are finding creative ways to work together and achieve exceptional results.”
Tempo Capital was able to find a credit provider that was flexible enough to meet the borrower’s needs while customizing a non-recourse, cost-effective financial package with fast execution.
About Tempo Capital Group
Chicago, IL – based at Tempo Capital, it provides financing and growth capital to builders and developers nationwide. With its industry-specific expertise and network, Tempo customizes debt and equity financing solutions for homebuilders and their projects. Michel Berkerecognized specialist in the field of homebuilder financing, was recently invited to speak at the International Builders Show 2022 in Orlandohis topic was “Current Trends in Innovative Capital for Builders and Developers”.
For more information visit: www.tempocapitalgroup.com
Contact: [email protected]
SOURCE Tempo Capital Group