The Hampton Group has obtained a $141 million construction loan to support the development of IKONIC Scottsdale, a new luxury multifamily tower planned in Scottsdale, Ariz. The project is envisioned as a 14-story rental building with 245 units, and completion is targeted for 2028.
According to reporting from Multihousing News, Greystone arranged the financing package for the project. The capital stack includes a senior mortgage originated by Bank OZK and a mezzanine loan provided by Related Fund Management. Greystone’s capital advisory team on the assignment was led by Drew Fletcher, Bryan Grover and Jesse Kopecky.
IKONIC Scottsdale is being designed by architecture firm Gensler and built by general contractor Gilbane Building Co. The tower is planned for 16640 North Scottsdale Road, at the intersection of North Scottsdale Road and Bell Road, positioning the community along a key commercial corridor in the city.
Plans call for a mix of one-, two- and three-bedroom rental residences, with units averaging approximately 1,062 square feet. The scale and configuration of the apartments reflect a focus on larger layouts relative to some urban multifamily offerings, emphasizing space and comfort within a high-rise format.
The amenity program for IKONIC Scottsdale is expected to include a 24/7 concierge service, providing residents with round-the-clock support and services. Additional communal features will encompass a rooftop pool and spa, a fitness center, a co-working lounge designed to accommodate remote work and collaboration, and a double-height lobby intended to create a distinctive arrival experience.
The financing marks a significant milestone in advancing the IKONIC Scottsdale project from planning into active development. With design, construction, and capital partners identified, the Hampton Group now has the funding structure in place to proceed toward delivering a high-rise luxury rental option in the Scottsdale market.
