US$140 million loan for Maravilla expansion Scottsdale, Arizona
Greystone, one of the nation’s leading commercial real estate finance companies, has secured a $140 million loan for the refinancing and expansion of Maravilla Scottsdale, a Scottsdale senior housing development. Cary Tremper and Matt Miller of Greystone’s Senior Housing Capital Markets team negotiated the financing with a major bank on behalf of Senior Resource Group, LLC.
Phase I of the community consists of a 217-unit independent living, assisted living and memory care center that has been fully stabilized. The neighborhood, which opened in 2012, has won several accolades, including Best 50+ CCRC Community by the National Association of Home Builders (NAHB), and Best Multi-Family Project by Arizona Commercial Real Estate (AZRE), and Ten Best Places to Live by Arizona Foothills Magazine.
The proposed second phase of Maravilla Scottsdale and nearby amenities
Maravilla Scottsdale Phase II is a 193 self-contained housing development on the same land as Phase I, overlooking the TPC Scottsdale Golf Course. The current phase, which spans 11 acres and includes various common areas, is expected to be completed in mid-2023.
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“It’s always fantastic to see our customers grow, and especially in the literal sense with this wonderful Scottsdale asset nearly tripling in size to meet submarket demand for the best senior living standards,” said Mr. Tremper, Head of Greystone’s Senior Housing Capital. Markets team.
The neighborhood is located at 7325 E Princess Blvd., approximately 24 miles north of downtown Phoenix. The Scottsdale Sports Complex is less than two miles east of the site, and there are various retail, dining, and entertainment options within a one-mile radius. The Mayo Clinic PHX-1 hospital is about 3 miles northwest, while the Harkins Theaters of Scottsdale are about 2 miles away.
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