Empire Group Obtains $120 Mil in Financing on Two AZ Build-to-Rent Projects
Scottsdale, AZ-based Empire Group has secured $120.5 mil in financing for two Build-to-Rent (BTR) communities in the Phoenix market. The lease-up bridge and construction financing is for the newly developed Village at Pioneer Park, a 332-unit project, and Village at Skyline Ranch, a 167-unit project. The financing for the two deals was arranged by Tower Capital’s Kyle McDonough and George Maravilla.
The larger of the two transactions was $78.5 mil in non-recourse bridge financing for Village at Pioneer Park, a newly constructed 332-unit Build-to-Rent community. The community features a clubhouse, pool and fitness center, along with pet washing station and dog park. The bridge loan refinanced the project’s construction loan at final certificate of occupancy. It also allows the sponsor time to stabilize the asset prior to putting a permanent loan in place.
