Churchill Provides $55M Build Loan for Phoenix BTR Developer
Churchill Real Estate provided $55 million in construction financing for Empire Group to develop the Village at San Tan, a 240-unit build-for-rent (BTR) community in Queen Creek, Arizona. The project, which is set to break ground in April, will mark Empire Group’s fourteenth multifamily project in the Phoenix-area over the last few years. Kyle McDonough, George Maravilla, and Vin Basa of Tower Capital arranged the non-recourse financing on behalf of Scottsdale-based Empire Group.
Churchill’s Sean Robertson remains bullish on the BTR sector, “The financing of Village at San Tan represents our continued commitment to the build-for-rent asset class, where we are extremely active throughout the southeast and southwest.”
Sitting on a 27-acre site, the Village at San Tan will offer one-, two- and three- bedroom homes averaging 940 square feet. Individual units will feature private patios or yard space and smart-home technology. The gated community will include amenities such as a central community pool and clubhouse, a dog park, both garage and covered parking, as well as EV charging stations throughout.
