Madison Realty Capital, a real estate private equity firm has originated a $585 million loan to Five Star Development for the completion of The Ritz-Carlton Paradise and The Palmeraie, a mixed-use, ultra-luxury retail, dining and residential development in Paradise Valley. Construction is 80% completed. The loan is designed to bring the project to the long-awaited finish line. The project has had a number of starts and stops. This loan is believed to be one of the Arizona’s largest construction loans to go through in 2023.

The $2 billion development spans 122 acres on the border of Scottsdale and Paradise Valley, the state’s wealthiest city. At the heart of the community is the 215-room Ritz-Carlton resort. As for the retail and restaurant component, there is approximately 160,000 square feet of high-end, mixed-use space located on 22 acres at the corner of Scottsdale and Indian Bend roads. In addition, there are 162 private residences included in the project.