BTR Daily - August 7, 2025 - Empire Group recapitalizes $144M across three Phoenix communities

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NEWS ROUNDUP

FINANCING: Empire Group recapitalizes $144 million across three Phoenix BTR communities. Empire Group of Companies has successfully recapitalized three of its BTR communities in the Phoenix metro area, securing more than $144 million in bridge loans from Arbor Realty Trust. The recapitalization retired the existing construction debt and fully paid off $21 million in preferred equity invested between 2020 and 2023, which yielded a 10% annualized return to investors. The deals underscore continued investor confidence in the BTR asset class despite a sluggish for-sale multifamily market. Loan Breakdown:

• Village at Camelback Park (Phoenix) – $46.17M (Closed May 27)

• Village at Paseo de Luces (Tolleson) – $61.89M (Closed March 14)

• Village at Schnepf Farms (Queen Creek) – $36.11M (Closed April 24)

Randy Grudzinski, Partner at Empire Group, noted the recapitalizations reflect both the “strength of the BTR sector” and the firm’s commitment to long-term community performance, adding that the liquidity event was a win for early equity partners.

FINANCING: White Oak lends $46.2 million for New York BTR project. White Oak has issued a $46.2 million construction loan to finance Phase I of The Village at Tuxedo Reserve, a BTR community located in Tuxedo, New York, near the New Jersey border. The loan will support the development of 93 rental units within the broader 1,200-acre Tuxedo Reserve master-planned community. Phase I is scheduled for completion in fall 2026. Related Cos. is leading development of the BTR village, while Lennar Corp. serves as the master developer for the full community, which is ultimately expected to include around 1,300 residences. Newmark's Max Ralby arranged the financing through White Oak. The loan marks another signal of institutional interest in build-to-rent development across the Northeast.

FINANCING: Celiba Groupe affiliate lands $40.2 million loan for Jacksonville project. An affiliate of Ceiba Groupe has secured a $40.2 million construction loan from Crestline Investors to develop Royal Palms Main Street, a 227-unit mixed multifamily and BTR community in Jacksonville, Florida. JLL arranged the financing, with completion expected by early 2027. Once delivered, the project will include 168 multifamily apartments (one- and two-bedroom units) and 59 BTR townhomes with three- and four-bedroom floorplans. Amenities will include a clubhouse, pool, gym, clubroom, dog park, pet spa, playground, and climate-controlled storage units. JLL’s Chris Drew, Brian Gaswirth, Kenny Cutler, and Justin Ratcliffe represented Ceiba Groupe in the deal.

FINANCING: JLL secures $12.6 million construction loan for 40-unit townhome project. JLL has arranged a $12.6 million homebuilder construction loan for a 40-unit upscale townhome community in Boynton Beach, Florida. This marks JLL’s third homebuilder construction loan of 2025, adding to over $100 million in financing the firm has arranged for local and regional builders across Florida this year. Led by Max La Cava, the deal team included Pier Barinci, Tom Gilliland, Michael Romero, and Abbie Kushner.

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