Banyan Residential, the private real estate investment firm behind the highly anticipated Scottsdale Entrada mixed-use project, has closed on a $101,500,000 construction loan to finance the 515 additional apartment units that comprise 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 apartments to a formerly underutilized 33-acre lot. Designed by local architecture firm Todd & Associates, the residential component of the project will offer residents first-class amenities including resort-style pools, a fitness center, mobile workspace areas, a game room, and deck spaces with expansive views of the Papago Buttes and McDowell Mountains. There will also be numerous public gathering spaces, including a large “village green” lawn, dog park, jogging trails and direct access to the Arizona Cross Cut Canal.
“This loan will be instrumental in bringing our team’s collective vision for a vibrant mixed-use campus to fruition,” said Max Friedman, Partner at Banyan Residential. “We are grateful for the continued support of local residents, city officials and our partners, who are all excited to see this project become a reality.”
Located at the northeast corner of 64th Street and McDowell Road, Scottsdale Entrada is within an Opportunity Zone. As part of the Tax Cuts and Jobs Act of 2017, Banyan was able to purchase the property using money from an opportunity fund, which is used to reinvest capital gains into developments in qualified “opportunity zones.” The project is being executed in compliance with the program.
Scottsdale Entrada is adjacent to Papago Park and near Arizona State University, the restaurants and nightclubs of Downtown Scottsdale, and Phoenix Sky Harbor Airport.
Banyan acquired the site in December 2019 and broke ground the following March. The office component and first phase of residential units are anticipated to be complete in the fourth quarter of 2021.
For more information, please visit Banyan Residential at https://www.banyanresidential.com/.