The Empire Group of Companies has received $299 million in construction loan financing to deliver “Revelry”, a 533-unit, two-building residential complex set to rise near Arizona State University in Tempe, Arizona. Mavik provided the financing, while Malcolm Davies and Kyle McDonough of WAY Capital arranged the transaction.
Dan Cooperman, Head of Investments at Mavik, stated that his firm invested in this deal due to its conviction in the strength of the residential market in Tempe. He noted this reflects the opportunities that arise when strong property fundamentals and disciplined credit underwriting converge.
Project Details and Amenities
The “Revelry” project is located at 965 East University Drive in the heart of Tempe’s business district and will comprise two towers – a 15-storey and a 17-storey building. It will also offer 16,300 square feet of ground-floor retail space and over 100,000 square feet of communal areas.
Mike Fishbein, Managing Director at Mavik, highlighted the property’s proximity to Arizona State University and downtown Tempe, as well as its unique high-rise design. He described the project as a compelling new addition to the Tempe market. Randy Grudzinski, Partner at Empire, stated that with a focus on quality of life, connectivity and community, they aim to provide the most upscale living experiences in highly valued, walkable locations within urban core areas.
- —Rooftop terraces
- —A resort-style swimming pool
- —A fitness centre
- —Outdoor pickleball courts
- —A bowling alley
- —A dog wash station
- —Co-working spaces
Upon completion, the property will be among the tallest structures in the Tempe skyline.
