HFF Closes Financing for Next Stage of Ritz-Carlton Development

In Blog, Real Estate on October 30, 2017 by Community Expert Team
HFF Closes Financing for Next Stage of Ritz-Carlton Development

The Ritz-Carlton of Paradise Valley, a massive redevelopment project, is set for its next phase of construction.

According to AZ Big Media, Holliday Fenoglio Fowler, L.P. announced that $282 million in senior and mezzanine financing has closed.

“ [The] master-planned community spans 122 acres and includes a 200-room Ritz-Carlton hotel that will be surrounded by 80 single-level Villas, ranging in size from 1,700 to 4,500 square-feet, and 39 single-family Estate Homes, ranging from 4,500 to 10,000 square feet,” the article said. “The Villas and Estate Homes will be whole-ownership residences offering Ritz-Carlton-branded services. Five Star also plans to build luxury townhomes and an ultra-luxe shopping and dining destination called The Palmeraie.”

Construction is underway on the development site, with the first opening dates for various sections planned as early as next year.

Read more here.

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This local update courtesy of your Paradise Valley Community Expert.

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