Mavik Loans $229M in Construction Financing for Tempe Multifamily

Empire Group of Companies has secured $229 million in construction financing to build Revelry, a 533-unit, two-building multifamily complex near Arizona State University in Tempe, Ariz., Commercial Observer can first report. 

Mavik provided the debt, while WAY Capital’s Malcolm Davies and Kyle McDonough arranged the transaction. 

Dan Cooperman, head of investments at Mavik, said in a statement that his firm invested into the deal due to its convictions in the strength of the Tempe residential market. 

“It speaks to the opportunity we see where strong real estate fundamentals and a disciplined credit lens come together,” Cooperman added. 

Located at 965 East University Drive in the heart of Tempe’s downtown corridor, the Revelry will encompass two towers — a 15-story building and a 17-story building — and feature 16,300 square feet of ground-floor retail and more than 100,000 square feet of amenities. 

Mike Fishbein, managing director at Mavik, noted the asset’s proximity to Arizona State University and downtown Tempe, along with its unique high-rise design, and called the project, “a compelling new addition to the Tempe market.”

Amenities will include a rooftop terrace, a resort-style pool, a fitness center, outdoor pickleball courts, a bowling alley, a dog wash and coworking spaces. 

“With a focus on livability, connectivity and community, we seek to deliver the most elevated of residential experiences within highly valued, walkable urban core locations,” said Randy Grudzinski, partner at Empire. 

Upon completion, the asset will be among the tallest structures in the Tempe skyline. 

Correction: An earlier version of this story listed the loan price as $299 million, when it is $229 million. 

Brian Pascus can be reached at bpascus@commercialobserver.com.