Empire Closes Refis on 3 Phoenix-Area BTR Communities
Empire Group of Companies recapitalized three of its single-family build-to-rent communities across the Phoenix metropolitan area. The number of units was 610, with the size of each unit between 680 and 1282 square feet. The company closed bridge loans totaling over $144 million with Arbor Realty Trust, Inc. (NYSE: ABR), retiring the construction debt and the entirety of the $21 million of outstanding preferred equity associated with each project.
The recapitalization includes:
- The Village at Camelback Park, 194 units – $46.17 million loan
- The Village at Paseo de Luces, 272 units – $61.89 million loan
- The Village at Schnepf Farms, 144 units – $36.11 million loan
The Village at Camelback Park sits at the northwest corner of 112th Avenue and Camelback Road in Phoenix.
The Village at Paseo de Luces is located in Tolleson, just east of the northeast corner of 99th Avenue and Van Buren Street.
The Village at Schnepf Farms is located at the northwest corner of Rittenhouse and Cloud Roads in Queen Creek.
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
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