SCOTTSDALE, AZ — Scottsdale-based Five Star Development has secured a massive loan to complete construction on the master-planned The Palmeraie in Paradise Valley near Scottsdale Road and Lincoln Drive.
The $2 billion, luxury mixed-use project is being developed across 122 acres anchored by the Ritz-Carlton Paradise Valley resort and surrounded by dozens of villas, single-family homes and private residences as well as a 160,000-square-foot shopping district.
Five Star said on Friday that it has secured a $585 million loan through New York-based real estate private equity firm Madison Realty Capital for the completion of the Ritz-Carlton Paradise Valley resort and the overall Palmeraie development. The firm said this could be one of the largest construction loans to go through in 2023.
Josh Zegen, managing principal and co-founder of Madison Realty Capital said they are "pleased to provide a flexible financing solution" for Five Star Development.
