$282M Development Financing Arranged for Next Phase of $2B AZ Ritz-Carlton
Five Star Development received $282 million in construction financing for the next stage of development of The Ritz-Carlton hotel and residences in Paradise Valley, AZ. Currently under construction near Phoenix, the $2-billion project spans 122 acres and includes a 200-room Ritz-Carlton hotel that will be surrounded by 80 single-level villas and 39 single-family estate homes.
HFF worked on behalf of the Scottsdale-based developer to place the $210 million senior land and construction loan facilities with Bank of the Ozarks, and the $72 million mezzanine financing with Starwood Property Trust, Inc. Loan proceeds will be used to refinance an existing land loan and build the project.
The Ritz-Carlton resort will be spread across 20 acres, featuring North America’s longest resort pool at just over 400 feet, and includes a 14,000-square-foot, world-class spa with indoor and outdoor treatment areas, health and fitness center, meeting and event space and a citrus orchard.
For comments, questions or concerns, please contact Dennis Kaiser