Greystone Closes $140 Million in Financing for Scottsdale Senior Housing Expansion
Greystone has placed $140 million in total financing for both the refinancing and new construction of senior housing in Scottsdale, AZ. Greystone’s Senior Housing Capital Markets Team, led by Cary Tremper and Matt Miller, arranged the financing from a national bank on behalf of Senior Resource Group, LLC.
Phase I of the luxury senior living community, Maravilla Scottsdale, is comprised of a fully stabilized 217-unit independent living, assisted living, and memory care property that has received numerous awards and recognitions, including being named “Best 50+ CCRC Community by the National Association of Home Builders (NAHB), Best Multi-Family Project by Arizona Commercial Real Estate (AZRE), as well as “Ten Best Places to Live” by Arizona Foothills Magazine. Located in North Scottsdale in Maricopa County, Maravilla Scottsdale’s Phase I opened in 2012.
Phase II of Maravilla Scottsdale is a planned 193-unit independent living community on the same parcel as Phase I that will overlook the infamous TPC Scottsdale Golf Course. Spread over 11 acres with multiple common area spaces, the latest phase is estimated for completion in mid-2023.
“It is always exciting to see our clients grow, and especially in the literal sense with this amazing Scottsdale asset almost doubling in size to meet the submarket demand for the highest quality of senior living,” said Mr. Tremper, head of Greystone’s Senior Housing Capital Markets Team.