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FINANCING NEWS
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Empire Group Secures $88.5 Mil for Development of 354-Unit BTR project in Phoenix

7/11/23

Tower Capital has arranged $88.5 mil in construction financing for a Build-to-Rent (BTR) community in the Phoenix market. The financing is for Village at Bronco Trail, a 354-unit project planned for development by Scottsdale-based Empire Group.

The roughly 30-acre Village at Bronco Trail site, located at 29th Ave and Sonoran Desert Dr, is slated for first deliveries in 2024. The project will feature average unit sizes of 920 sf. 

The community is planned to include detached garages, a dog-park, a BBQ grill, resort-style pool, clubhouse and common area open space. The units will have solid surface quartz countertops, stainless steel appliances, premium kitchen back splashes, full-size washers/dryers, and upgraded smart-home features and technology. Each home offers a private yard.

The development is located in the rapidly growing North Phoenix submarket, less than two miles from the $40 bil chip manufacturing plant under development for Taiwan Semiconductor Manufacturing Company (TSMC), the world’s largest manufacturer of semiconductor chips.

Tower Capital’s Kyle McDonough and George Maravilla arranged the financing.

“The BTR market continues to experience strong growth and demand from the lending community as single-family residential home sales volume declines because of rising mortgage rates and limited inventory,” said McDonough. “Last year was the strongest year on record for construction of BTR’s, and we expect more of the same in 2023. Our pipeline of BTR financings certainly reflects that trend, as we have closed nearly $210 mil in BTR financing this past month and have roughly $300 mil more in the works to close this summer.”






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