Updated Jan 22, 2025
Empire Group Of Companies Secures $70.25M Loan For Village At Borgata Multifamily Development
3959 West Hunt Highway
$70,250,000
Units
287
Asset Type
MultiFamily
Closing
Jan 22, 2025
About this deal
AI
The property asset involved is a multifamily development known as the Village at Borgata, located at 3959 West Hunt Highway, Queen Creek, AZ. The asset comprises 287 units and received a construction loan amounting to $70,250,000. The loan type is specifically for construction financing.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $70,250,000
- Loan Type: Construction
- Address: 3959 West Hunt Highway
- Market: Queen Creek, AZ
- Units: 287
- Landlord: Empire Group of Companies
- Brokers: David Stull, George Maravilla, Kyle McDonough & Noah Schott - Tower Capital
The deal involved Tower Capital securing financing for the Empire Group of Companies in connection with the development of the Village at Borgata. The brokers representing this transaction include David Stull, George Maravilla, Kyle McDonough, and Noah Schott.
On the Map
$70,250,000
MultiFamily
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Players
San Tan Valley MultiFamily Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.23%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93