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Empire Group of Companies has successfully recapitalized three of its single-family build-to-rent (BTR) communities located throughout the Phoenix metropolitan area. The recapitalization involved a total of 610 residential units, each ranging in size from 680 to 1,282 square feet.
To facilitate the transaction, Empire Group closed more than $144 million in bridge loans with Arbor Realty Trust, Inc. (NYSE: ABR). This financing retired the existing construction debt and fully paid off $21 million in outstanding preferred equity for the three developments.
The recapitalized communities and loan amounts include:
– 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 is located at the northwest corner of 112th Avenue and Camelback Road in Phoenix. The Village at Paseo de Luces is situated in Tolleson, near the northeast corner of 99th Avenue and Van Buren Street. The Village at Schnepf Farms is positioned at the northwest corner of Rittenhouse and Cloud Roads in Queen Creek.
This strategic move enhances Empire Group’s long-term investment positioning within the rapidly growing Phoenix BTR market.
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