North River, Amzak Capital Supply $55M Construction Loan on Arizona Build-to-Rent Community 

Empire Group has secured $55 million of construction financing for its planned build-to-rent (BTR) development in suburban Phoenix, Commercial Observer has learned.

North River Partners and Amzak Capital Management provided the loan on the developer’s Village at San Tan project in Queen Creek, Ariz., its 16th BTR community to be built in the Phoenix region. The VTR community is slated for completion in summer 2026.  

“The build-for-rent model has proven to align well with shifting living preferences as residents continue to favor lifestyle-driven housing over the long-term commitment of traditional home ownership,” Sean Robertson, managing partner at North River Partners, said in a statement.

Situated on a 27-acre site, Village at San Tan will feature one-, two- and three-bedroom homes averaging 950 square feet. Community amenities will include a clubhouse, a dog park and electric vehicle charging stations. 

Village at San Tan is in an area poised for growth, located 12 miles from Mesa Gateway Airport and 20 miles from an expanded Intel chip fabrication plant in Chandler, Ariz., according to North River Partners. 

“The Queen Creek submarket is one of the very few in Phoenix where rents have steadied over the last 12 to 24 months, and despite supply pressures there are a lot of tailwinds that are expected to contribute to continued success over the next few years,” Jeff Rosenfeld, managing partner at North River Partners, said in a statement. 

North River Partners and Amzak Capital Partners also teamed up to supply $52 million of construction financing for a 360-unit multifamily development in Columbia, S.C., led by One Real Estate Investment, CO first reported at the time. 

Luis Espinal, vice president of Amzak Capital’s real estate division, said in a statement that over the last two years the lender has “eclipsed the $600 million loan mark” involving more than 4,000 residential units.

Empire Group did not immediately return a request for comment.

Andrew Coen can be reached at acoen@commercialobserver.com