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 – an ultra-luxury mixed-use retail, dining and residential development in Paradise Valley. This loan will be used to finish construction of the already 80% completed Ritz-Carlton Resort & Residences at The Palmeraie as well as other assets.
The 122 acre development is located on the border of Scottsdale and Arizona’s wealthiest city – Paradise Valley. At its core lies a 215 room Ritz Carlton resort while 160,000 square feet of high end mixed use space sits on 22 acres at Scottsdale & Indian Bend Roads.
This $585M loan provides much needed boost for projects in Paradise Valley area which are sure to bring great value both commercially and residentially upon completion.
