Madison Realty Capital, a real estate private equity firm, has provided a $585 million loan to Five Star Development for the completion of The Ritz-Carlton Paradise and The Palmeraie. This mixed-use development features ultra-luxury retail, dining and residential spaces in Paradise Valley. Funds from the loan will be used to finish construction of The Ritz-Carlton Resort and Residences at 80% completion as well as other assets within the 122 acre project located on Scottsdale’s border with Paradise Valley – one of Arizona’s wealthiest cities.
The centerpiece is a 215 room Ritz Carlton resort alongside 160,000 square feet of high end mixed use space spread across 22 acres at Scottsdale Road and Indian Bend Road intersection. With this boost from Madison Realty Capital’s $585 million loan, these projects are sure to become an iconic destination in Arizona’s luxury market.
