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Empire Group secures $299M construction financing for Tempe multifamily project
The Revelry development will add 533 units across two towers, with more than 100,000 square feet of amenities and 16,300 square feet of ground-floor retail.
Empire Group of Companies has secured $299 million in construction financing for its Revelry multifamily project in Tempe, Arizona, Commercial Observer reported. The development calls for 533 units in two buildings near Arizona State University.
Mavik provided the construction debt, while WAY Capital’s Malcolm Davies and Kyle McDonough arranged the transaction. Dan Cooperman, head of investments at Mavik, said the firm invested based on its view of strong Tempe residential fundamentals, combined with what he described as a disciplined credit lens.
Revelry will include a 15-story tower and a 17-story tower at 965 East University Drive in Tempe’s downtown corridor. The project is planned to feature 16,300 square feet of ground-floor retail and more than 100,000 square feet of amenities, including a rooftop terrace, resort-style pool, fitness center, outdoor pickleball courts, and a bowling alley.