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MULTIFAMILY NEWS
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Empire Group Obtains $120 Mil in Financing on Two AZ Build-to-Rent Projects

6/08/23

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.

The property is situated on 30.2 acres at 8405 W. Olive Ave in Peoria and features units that average 921 sf in size. Units include 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.

Village at Skyline Ranch, Glendale
Village at Skyline Ranch, Glendale
The other deal was for $42 mil in non-recourse construction financing on Village at Skyline Ranch, also a Build-to-Rent community. The in-fill site at 13215 W. Glendale Ave in Glendale is near Luke Air Force Base and related off-base housing. The newly emerging area is also adjacent to major industrial/distribution parks along Loop 303.

The property will consist of 167 luxury units featuring one- and two-bedroom layouts, walking paths, community areas, a dog park, clubhouse, fitness center, pool and spa. The project encompasses five detached residences and 81 duplex residences, all of which will feature private entrances, nine-foot ceilings, a full-sized washer/dryer in each unit, luxury vinyl faux wood flooring, private backyards, stone countertops, stainless steel appliances and smart home features and technology. The property will also feature 60 detached garages and 60 storage units once delivered in 2024.

“We continue to see strong demand for BTR communities across the country due in large part to the shortage of affordable housing options in many markets where people desire to live,” Maravilla noted. “These two communities will add nearly 500 units of rental housing to the high-growth Phoenix market. People also appreciate that a Build-To-Rent community typically offers a larger array of amenities that match their lifestyle.” 





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