Empire Group of Companies has closed on two separate construction loans totaling more than $100 million to develop new build-to-rent (BTR) communities: Empire Village at Chatham Hills in Westfield, Indiana, and Empire Village at Cottonwood Creek in Colorado Springs, Colorado.
Both loans were arranged by Kyle McDonough, executive director at WAY Capital, Inc.
Empire Group secured a $45,343,000 loan from Ready Capital to finance Empire Village at Chatham Hills, a 168-unit BTR community located on approximately 24 acres west of Highway 31 on 191st Street at Chad Hittle Drive in Westfield, Indiana. The project is situated at the southern edge of the 740-acre Chatham Hills master planned community, directly north of Grand Park, a 400-acre regional sports complex and home of the Indianapolis Colts training camp. Bedrock Builders will serve as general contractor for the community.
The second loan, a $55,250,000 financing package from Origin Investments, will fund Empire Village at Cottonwood Creek, a 210-unit BTR community planned on 25 acres at the northwest corner of E. Woodmen Road and N. Powers Boulevard in Colorado Springs. The project is located across from St. Francis Hospital and near major retailers including Walmart and Home Depot. Vector Construction, based in Loveland, will serve as general contractor.
“Empire Group is proud to be an industry leader in the build-to-rent space, and these two new projects expand our growing footprint beyond Arizona into dynamic markets like Indiana and Colorado,” said Randy Grudzinski, partner at the Empire Group. “Both communities are strategically located in areas experiencing significant growth, and we’re excited to bring the quality, design, and lifestyle amenities that are hallmarks of Empire’s BTR communities.”
Each community will offer a mix of one-, two- and three-bedroom single-family homes with private backyards, paired with professional on-site management and a robust amenity package designed to foster convenience, comfort, and connection. Residents will enjoy access to a resort-style swimming pool, clubhouse and fitness center, dog parks, walking paths, open green space, and additional lifestyle features tailored to the growing demand for build-to-rent living.
Headquartered in Scottsdale, Arizona, the Empire Group of Companies has a 50-year history as one of the leading commercial developers in the Southwest. The firm is a pioneer in the rapidly emerging, single-family build-to-rent space with more than 5000 units in various stages of pre-development, development, lease-up and completion. Empire, through its division Aspirant Development, is also recognized for its luxury, urban infill, Class A mixed-used projects located throughout the greater Phoenix metro area.
