Madison Realty Capital Originates $585 Million Loan for The Palmeraie and The Ritz-Carlton Paradise Valley, The Palmeraie Resort and Residences in Paradise Valley, Arizona
NEW YORK, May 12, 2023 (GLOBE NEWSWIRE) -- Madison Realty Capital, a vertically integrated real estate private equity firm focused on debt and equity investment strategies, today announced that it has originated a $585 million loan to Five Star Development for the completion of The Ritz-Carlton Paradise Valley, The Palmeraie and The Palmeraie, a mixed-use, ultra-luxury retail, dining and residential development in Paradise Valley, Arizona as well as a portfolio of assets. The loan will be used to finish construction of The Ritz-Carlton Resort and Residences in Paradise Valley at The Palmeraie, which is already 80% completed.
Josh Zegen, Managing Principal and Co-Founder of Madison Realty Capital, said, “We are pleased to provide a flexible financing solution for Five Star Development, who has significant experience developing luxury properties in the southwestern United States. This is one of the most impressive undertakings of a luxury master-planned community on the West Coast. Five Star Development has completely presold each of the masterfully designed Villas and nearly half of the Estate Homes. The Ritz-Carlton is one of the world’s most iconic luxury brands and this development is catered for the affluent and desirable Scottsdale market, which is consistently ranked as one of the best places to live in the U.S.”
Spanning 122 acres on the border of Scottsdale and Paradise Valley, the state’s wealthiest city, The Palmeraie is one of the most-anticipated experiential shopping, dining and living destinations in North America. At the heart of the community is a 215-room Ritz-Carlton resort that will be surrounded by 80 single-level Ritz-Carlton Residences Villas, which are 100% sold, and 32 single-family Ritz-Carlton branded and serviced Estate Homes. As for the retail and restaurant component, there is approximately 160,000 square feet of high-end, mixed-use space located on 22 acres at the corner of Scottsdale and Indian Bend roads. Home to more than 60 exceptional luxury and specialty boutiques as part of the fourth phase, The Palmeraie will also incorporate a variety of dining destinations lead by best-in-class, celebrated local and international chefs. FENDI Private Residences will open its first ground-up residential enclave in North America at The Palmeraie with a boutique collection of 52 elegantly crafted residences with five unequalled penthouses. The interest list is currently forming with a sales campaign beginning later this year.
Bryan Clark, Managing Director of JLL Capital Markets, who arranged the financing, added, “Madison Realty Capital’s significant experience with branded hotel residences and deep understanding of the hospitality market sets their team apart. We were pleased to work with them to deliver tailored financing for a hospitality and luxury retail project that will set a new standard in Paradise Valley.”
About Madison Realty Capital
Madison Realty Capital is a vertically integrated real estate private equity firm that, as of March 31, 2023, manages $10 billion in assets on behalf of a global institutional investor base. Since 2004, Madison Realty Capital has completed $23 billion of real estate transactions largely through direct lending to borrowers with flexible and highly customized financing solutions. Madison Realty Capital’s strong underwriting capabilities provide certainty of execution in complex, time sensitive situations. Headquartered in New York City, with offices in Los Angeles, Dallas, and Israel, the firm has 75 employees across its real estate investment, asset management, and development disciplines. Madison Realty Capital has been named to Commercial Observer’s prestigious “Power 100” list of New York City real estate players every year since 2016 and was recognized in March 2023 by PERE as the Debt Firm of the Year, North America for Fiscal Year 2022. To learn more, follow us on LinkedIn and visit madisonrealtycapital.com.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 102,000 as of June 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
Media inquiries, contact:
Nathaniel Garnick/Grace Cartwright
Gasthalter & Co.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/270e52b8-f675-47e2-aed9-07de45b1caccTo view this piece of content from www.globenewswire.com, please give your consent at the top of this page.
To view this piece of content from ml.globenewswire.com, please give your consent at the top of this page.
About GlobeNewswire by notified
One Liberty Plaza - 165 Broadway
NY 10006 New York
GlobeNewswire by notified is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.
Subscribe to releases from GlobeNewswire by notified
Subscribe to all the latest releases from GlobeNewswire by notified by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from GlobeNewswire by notified
Dave & Buster’s to open 20 stores in India and Australia6.6.2023 23:30:00 CEST | Press release
The entertainment destination announces international franchise partnership with the Malpani Group and NightOwl Entertainment DALLAS, June 06, 2023 (GLOBE NEWSWIRE) -- Dave & Buster's, the ultimate destination for food, drinks, and entertainment, announces two more significant deals for its global expansion plans. The first deal includes a 15-store partnership in India with the Malpani Group, and the second deal comprises a 5-store partnership with the NightOwl Entertainment Group in Australia. These strategic alliances mark Dave & Buster’s second and third multi-store franchise agreements, firmly cementing the brand in the APAC and MEA regions with a total of 31 stores committed to development since global expansion plans were announced in 2022. "We're thrilled to partner with the Malpani Group to bring the Dave & Buster’s experience to the Indian consumer, as India's vibrant economy has ranked the country in the top 5 globally. The Malpani Group, known for its passion for innovation
Mandatory notifications of trade by primary insiders and close associates6.6.2023 23:00:00 CEST | Press release
Mandatory notifications of trade by primary insiders and close associates With reference is made to the announcement on 26 May 2023 and 06 June 2023, whereby BW Offshore Limited (“BW Offshore”) announced information relating to dividend payments. Please see the attached notifications of trading for information of the transactions concerning primary insiders in BW Energy and their close associates in connection with the dividend distribution. For further information, please contact: Knut R. Sæthre, CFO BW Energy, +47 91 11 78 76 firstname.lastname@example.org BW Energy is a growth E&P company with a differentiated strategy targeting proven offshore oil and gas reservoirs through low risk phased developments. The Company has access to existing production facilities to reduce time to first oil and cashflow with lower investments than traditional offshore developments. The main assets are 73.5% of the producing Dussafu Marine Permit offshore Gabon, a 95% interest in the Maromba field in Brazil and a 95% i
DBV Technologies to Participate in Upcoming Investor Conference6.6.2023 23:00:00 CEST | Press release
Montrouge, France, June 06, 2023 DBV Technologies to Participate in Upcoming Investor Conference DBV Technologies (Euronext: DBV – ISIN: FR0010417345 – Nasdaq Stock Market: DBVT), a clinical-stage biopharmaceutical company, today announced its participation in the Goldman Sachs 44th Annual Global Healthcare Conference taking place on June 12th – 15th in Dana Point, CA. Daniel Tassé, Chief Executive Officer, will engage in a Fireside Chat session on Wednesday, June 14th at 10:00am PST (1:00pm EST), as well as one-on-one investor meetings throughout the day. A live webcast of the presentation will be available on the Investors & Media section of the Company’s website: DBV Technologies - 1617085 (webcasts.com). A replay will also be available on DBV Technologies’ website for 90 days after the event. About DBV Technologies DBV Technologies is developing Viaskin™, an investigational proprietary technology platform with broad potential applications in immunotherapy. Viaskin is based on epicu
Tilbudsperioden i Jobindex A/S er startet6.6.2023 22:49:01 CEST | pressemeddelelse
Danielsen 2 aps - der er hovedaktionær i Jobindex A/S - har den 2. juni 2023 fremsat et frivilligt ureguleret offentligt købstilbud om at købe aktier i Jobindex A/S til en pris på 1.900 kr. pr. aktie i forbindelse med at Jobindex A/S har ansøgt om afnotering fra First North. Tilbudsperioden startede i dag den 6. juni 2023, og den første dag har Danielsen 2 aps i alt købt 1349 aktier á 1900 kr. pr. aktie. Tilbudsperioden fortsætter indtil den 30. juni 2023, hvorefter det forventes at Jobindex A/S bliver afnoteret fra First North. Yderligere oplysninger Direktør Kaare Danielsen, telefon 20735010, email email@example.com Certified Adviser Jakob Tolstrup Kristensen, email firstname.lastname@example.org Vedhæftet fil Aktiehandel tilbud 2023 juni 6
HD Hyundai Global Service Signs Contract with CoolCo for LNG Boil-off Reliquefaction Unit Retrofit6.6.2023 22:30:00 CEST | Press release
HD Hyundai Global Service, a ship service subsidiary of HD Hyundai Group, has announced that it has signed contracts on June 6th with Cool Company Ltd (NYSE: CLCO / CLCO.OL “CoolCo”), an owner and operator of LNG vessels, to retrofit five LNG carriers with sub-coolers for LNG boil-off reliquefaction (“reliquefaction units”). The contract value is approximately 10M US Dollars per vessel. A reliquefaction unit is a device used to re-liquefy the boiled off gas (BOG) generated during the operation of LNG cargo tanks, either returning the gas to the cargo tank or preventing natural evaporation using sub-cooled LNG. When a vessel is in operation, boiled off gas (“BOG") is consumed as fuel by the propulsion engine. However, without a reliquefaction unit, during periods of reduced vessel speed, during port stays, or while utilizing the vessel for floating storage, the BOG needs to be forcibly burned, resulting in the loss of LNG cargo and the emission of greenhouse gases, leading to environmen