$585M loan given to complete The Ritz-Carlton Paradise Valley, The Palmeraie
Posted 5/12/23
Scottsdale-based Five Star Development has received a $585 million loan in order to complete construction for both the Ritz-Carlton Paradise Valley resort and residences and The Palmeraie retail center.
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Scottsdale-based Five Star Development has received a $585 million loan in order to complete construction for both the Ritz-Carlton Paradise Valley resort and residences and The Palmeraie retail center.
Madison Realty Capital announced the loan on May 12, according to a press release.
Madison Realty Capital is a vertically integrated real estate private equity firm focused on debt and equity investment strategies.
In January 2016, Paradise Valley Town Council approved a development agreement with Five Star Development for the proposed Ritz-Carlton resort. At that time, construction was expected to begin in July 2016 with the resort opening in late 2018.
However, 2018 passed and in 2019, Five Star Development invited residents to visit the construction site of The Ritz-Carlton Paradise Valley and moved the opening to 2020.
Again, in October 2020, the Ritz-Carlton announced the hiring of its general manager and pushed the opening date to late 2021, and in September 2022 the development sent another press release about the hiring of its leadership team, and stated the resort will open in 2022.
Richard Frazee, director of construction at Five Star Development said in a March email to the Daily Independent, that the Ritz-Carlton Paradise Valley, The Palmeraie is expected to open by year’s end and will announce an exact opening date in the coming months.
Spanning 122 acres on the border of Scottsdale and Paradise Valley, The Palmeraie is planned to be a shopping, dining and residential property.
