A $585 million construction financing has been secured for the completion of the Ritz-Carlton Resort and Residences at The Palmeraie in Paradise Valley. The funds were provided by Madison Realty Capital to Five Star Development. Bryan Clark, managing director of JLL Capital Markets arranged the transaction.
The mixed-use, ultra-luxury retail, dining and residential development sits on more than 122 acres of land. The site is located between Phoenix and Scottsdale. It is expected to completely reimagine living and shopping in the state’s most affluent ZIP code.
Features of the Ritz-Carlton Resort and Residences at The Palmeraie in Paradise Valley
The development includes more than 160,000 square feet of upscale, mixed-use space. Approximately 22 acres of retail and restaurant space at the Palmeraie dining and shopping centre are anticipated to house more than 60 luxury boutiques.
Furthermore, the Ritz-Carlton Resort and Hotel’s 215 rooms will be supplemented by 80 single-level Ritz-Carlton residential villas. 32 single-family estate homes will also be branded and maintained by Ritz-Carlton staff. Private balconies, terraces with outdoor fires, and floor to ceiling glass windows are features of the residential Villas.
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The estate residences span four distinct design types. Additionally, they range in size from 8,468 square feet to 12,323 square feet. The estate is situated next to the Ritz-Carlton Hotel and Residences and on the property grounds.
Madison Realty Capital’s extensive knowledge of the hospitality industry and branded hotel residences distinguish their team, according to a statement from Clark. “We were happy to work together with them to provide customized finance for a hotel and premium retail project that will raise the bar in Paradise Valley.”
