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Madison Realty Capital provides $585m financing for completion of luxury master-planned community
Madison Realty Capital has originated a $585 million loan to Five Star Development for the completion of The Ritz-Carlton Paradise Valley and The Palmeraie, a mixed-use, ultra-luxury retail, dining and residential development in Paradise Valley, Ariz., as well as a portfolio of assets.
The loan will be used to finalize construction of The Ritz-Carlton Resort and Residences in Paradise Valley at The Palmeraie, which is already 80 percent completed.
Spanning 122 acres on the border of Scottsdale and Paradise Valley, The Palmeraie is one of the most-anticipated experiential shopping, dining and living destinations in North America. At the heart of the community is a 215-room Ritz-Carlton resort that will be surrounded by 80 single-level Ritz-Carlton Residences Villas, which are 100 percent sold, and 32 single-family Ritz-Carlton-branded and serviced estate homes.
As for the retail and restaurant component, there is approximately 160,000 square feet of high-end, mix