Empire Obtains $47.4M Loan for New Braunfels BTR Community

Tower Capital arranged $47.4 million in non-recourse construction financing for Village at Mayfair, a 217-unit Build-to-Rent (BTR) community in New Braunfels. Empire Group of Companies (Empire Group) is developing the BTR community, which will be built by Legacy MCS. The project will be situated on nearly 20 acres within the 1,900-acre Mayfair master-planned community, which is located roughly 35 miles north of San Antonio and 40 miles south of Austin.

The project is Empire Group’s 12th single-family build-to-rent project financed in partnership with Tower Capital. Empire Group plans to build cottage-style single-family BTR homes in a gated community. Each home will have an average unit size of 1,023 square feet and will offer some level of private patio or yard space.

The Village at Mayfair BTR community will offer a fitness center, car care station, BBQ grills, a central community pool and a clubhouse. Construction on the Village at Mayfair commences in Q2 2024, with the first homes expected to be available for occupancy in Q3 2025.