Greystone, a top national commercial real estate finance company has secured a $140 million loan package for the refinancing and expansion of Maravilla Scottsdale, a Scottsdale seniors housing development. Cary Tremper and Matt Miller of Greystone’s Senior Housing Capital Markets Team negotiated the financing from a major bank on behalf of Senior Resource Group, LLC.
Phase I of the community consists of a 217-unit independent living, assisted living, and memory care facility that has been fully stabilized. The neighborhood, which opened in 2012, has won several accolades, including Best 50+ CCRC Community by the National Association of Home Builders (NAHB), and Best Multi-Family Project by Arizona Commercial Real Estate (AZRE), and Ten Best Places to Live by Arizona Foothills Magazine.
The proposed second phase of Maravilla Scottsdale and nearby amenities
Maravilla Scottsdale Phase II is a projected 193-unit independent living development on the same land as Phase I, overlooking the TPC Scottsdale Golf Course. The current phase, which spans 11 acres and includes various common area spaces, is set to be completed in mid-2023.
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“It’s always fantastic to watch our clients expand, and especially in the literal sense with this wonderful Scottsdale asset nearly tripling in size to fulfill the submarket demand for the finest level of senior living,” said Mr. Tremper, head of Greystone’s Senior Housing Capital Markets Team.
The neighborhood is located at 7325 E Princess Blvd., about 24 miles north of downtown Phoenix. The Scottsdale Sports Complex is less than two miles east of the site, and there are various retail, eating, and entertainment options within a one-mile radius. Mayo Clinic Hospital PHX-1 is about 3 miles northwest, while Harkins Theatres Scottsdale is around 2 miles away.
