Holliday Fenoglio Fowler (HFF) has arranged $282m in senior and mezzanine construction financing on behalf of Five Star Development for the next stage of development of The Ritz-Carlton hotel and residences in Paradise Valley in Arizona, US.
Of the total loan package, Bank of the Ozarks is providing $210m while the remaining $72m is being offered by Starwood Property Trust.
The loan proceeds will be used to refinance an existing land loan and construct The Ritz-Carlton hotel and residences.
Spreading over an area of 122 acres, The Ritz-Carlton, Paradise Valley hotel will feature 200 rooms. It will be surrounded by 80 single-level Villas, ranging in size from 1,700 sq ft to 4,500 sq ft, and 39 single-family Estate Homes, ranging from 4,500 to 10,000 sq ft.
The Villas and Estate Homes will be whole-ownership residences and will provide Ritz-Carlton-branded services.
HFF managing director Bryan Clark said: “It has been a pleasure to work with the team at Five Star Development on this transaction.
“The financing market’s strong response to The Ritz-Carlton hotel and residences in Paradise Valley is a testament to the best-in-class, irreplaceable nature of the real estate and Five Star’s tremendous vision for the property.
“Bank of the Ozarks and Starwood Property Trust performed flawlessly, as always, on this very complex transaction.”