Banyan residential area, the private real estate investment firm behind the highly anticipated mixed-use Scottsdale Entrada project, has signed a $ 101,500,000 home loan to finance the 515 additional housing units that make up the second phase of the project. Wells Fargo Bank provided the loan.
Scottsdale Entrada will be one of the largest mixed-use developments in the Phoenix area, bringing more than 250,000 square feet of office space, 7,500 square feet of retail space and 735 homes to a previously unused 33 acre lot. The residential component of the project was designed by local architecture firm Todd & Associates and offers residents world-class amenities such as resort-style pools, a fitness center, mobile workspaces, a game room, and deck areas with expansive views of the Papago Buttes and McDowell Mountains. There will also be numerous public meeting rooms, including a large “village green” lawn, dog park, jogging trails, and direct access to the Arizona Cross Cut Canal.
ALSO READ: Scottsdale Leads All US Cities With More People Moving In During COVID-19
“This loan will be instrumental in realizing our team’s shared vision for a vibrant, mixed-use campus,” said Max Friedman, partner at Banyan Residential. “We are grateful for the continued support of the residents, the city administration and our partners, who are all excited that this project is becoming a reality.”
On the northeast corner of 64. locatedNS Street and McDowell Road, Scottsdale Entrada is within an opportunity zone. Under the Tax Cuts and Jobs Act of 2017, Banyan was able to buy the property with money from an opportunity fund, with which capital gains are reinvested in developments in qualified “opportunity zones”. The project is carried out in accordance with the program.
Scottsdale Entrada is adjacent to Papago Park and close to Arizona State University, downtown Scottsdale restaurants and nightclubs, and Phoenix Sky Harbor Airport.
Banyan acquired the site in December 2019 and broke ground the following March. The office part and the first construction phase of the residential units are expected to be completed in the fourth quarter of 2021.
For more information, see Banyan Residential at https://www.banyanresidential.com/.