Värde Provides $65.5 Million Refinancing for Village at Sonoran Vista

Loan Supports Lease-Up of Newly Delivered Phoenix Build-to-Rent Community

MINNEAPOLIS - Värde Partners, a global investment firm specializing in credit and credit-related assets, today announced the closing of a $65.5 million loan to refinance Village at Sonoran Vista, a newly delivered build-to-rent community in Phoenix, Arizona.

The financing was provided to Scottsdale-based developer the Empire Group to support the lease-up of the 240-unit community of single-family rental homes completed in January 2026. The floating-rate loan, arranged by WAY Capital, has a three-year initial term with two one-year extension options.

Village at Sonoran Vista comprises approximately 34 acres in the Deer Valley submarket, within a three-mile radius of Taiwan Semiconductor Manufacturing Company's ("TSMC") Arizona semiconductor campus, part of a wave of large-scale investment fueling housing demand across the region. The community offers single-story detached homes with private garages and carports, as well as community amenities that include a resident clubhouse, swimming pool, fitness center, car wash and dog park.

"This was a compelling opportunity to support the Empire Group, a leader in build-to-rent, with reliable capital through the lease-up and stabilization of Village at Sonoran Vista," said Jon Miller, Managing Director at Värde Partners. "With TSMC's investment anchoring a broader set of housing demand drivers in North Phoenix, this new community offers residents an attractive option for single-family living without the cost of ownership."

"We are thrilled to team up with Värde Partners on our Village at Sonoran Vista community. With 30-year mortgage rates nearing 7%, many would-be homebuyers are finding luxury, highly-amenitized build-to-rent communities like Sonoran Vista to be a superior, more flexible option for getting into a new home," said Randy Grudzinski, Partner at the Empire Group. "And with TSMC's nearby investment generating a massive amount of jobs, which in turn is driving the need for additional housing options within close proximity, we believe that Sonoran Vista is well positioned to capitalize on this influx in demand."

Värde has originated $9 billion in U.S. commercial real estate loans since 2017. The firm has over 30 years of experience investing in real estate credit and assets with deep expertise across all major asset classes. Värde's global real estate team is supported by in-house asset management professionals as well as a partnership with an industry-leading servicer and asset manager. As an originator of real estate credit solutions, Värde seeks to provide flexible capital and certainty of execution to borrowers.

About the Empire Group of Companies

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 5,000 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-use projects located throughout the greater Phoenix metro area. For more information about the company and its portfolio of projects, visit https://www.builtbyempire.com.

About Värde Partners

Värde Partners is a leading global investment firm specializing in credit and credit-related assets. Founded in 1993, the firm has invested more than $110 billion across the credit quality and liquidity spectrum and currently manages $15 billion in assets. With local investment teams and partnerships in North America, Europe and Asia Pacific, Värde invests across private and public markets with a focus on asset-based finance, real estate, corporate credit and Asia credit. For more information, please visit https://www.varde.com.