PEORIA AND GLENDALE, ARIZ. — Empire Group has secured $120.5 million in financing for two build-to-rent (BTR) communities in the Phoenix metropolitan area. Kyle McDonough and George Maravilla of Tower Capital arranged the financing on both deals.
The Scottsdale, Arizona-based developer received a $78.5 million bridge loan to refinance Village at Pioneer Park, a 332-unit BTR community in the northwestern Phoenix suburb of Peoria. Built in 2022, the community includes amenities such as a clubhouse, pool, fitness center, pet wash station and dog park.
Empire Group also received $42 million in construction financing for the development of Village at Skyline Ranch in Glendale. The project will consist of 167 BTR units in one- and two-bedroom floor plans and is slated for delivery in 2024. Amenities will include walking paths, a dog park, clubhouse, fitness center and a pool with a spa. The property will also offer 60 detached garages and 60 storage units.