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.
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This local update courtesy of your Paradise Valley Community Expert.