Empire Lands $65.5M Refi on Phoenix BTR Community
Värde Partners closed on a $65.5 million loan to refinance Village at Sonoran Vista, a newly delivered build-to-rent community in Phoenix, Arizona.
The financing was provided to the Empire Group to support the lease-up of the 240-unit community of single-family rental homes, which was completed in January 2026. The floating-rate loan, has a three-year initial term with two one-year extension options.
Village at Sonoran Vista comprises approximately 34 acres in the Deer Valley submarket, within a three-mile radius of Taiwan Semiconductor Manufacturing Company’s (“TSMC”) Arizona semiconductor campus, part of a wave of large-scale investment fueling housing demand across the region. The community offers single-story detached homes with private garages and carports, as well as community amenities that include a resident clubhouse, swimming pool, fitness center, car wash and dog park.
Empire’s Randy Grudzinski added, “With 30-year mortgage rates nearing 7%, many would-be homebuyers are finding luxury, highly-amenitized build-to-rent communities like Sonoran Vista to be a superior, more flexible option for getting into a new home.”
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Brokers
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Remax Professionals
Re/Max Real Estate Professionals | New York
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Eamonn McConnell
Avison Young - CA - ON - Greater Toronto
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout