News release

JLL arranges $585M refinancing for mixed-use development in Phoenix

The secured loan will help complete the 122-acre Palmeraie development, which includes The Ritz-Carlton Paradise Valley and The Ritz Carlton Residences 

May 15, 2023

Alli Semans

Hotels & Hospitality and Capital Markets PR
+1 330 329 6750

SAN DIEGO – May 15, 2023 – JLL’s Capital Markets group announced today that it has arranged a $585 million refinancing for The Ritz-Carlton Paradise Valley, The Ritz Carlton Residences and The Palmeraie in Paradise Valley, Arizona.

JLL worked on behalf of the borrower, Five Star Development, in securing the loan with Madison Realty Capital. With 80% of construction already completed, the loan will be used to finish The Ritz-Carlton Paradise Valley, The Ritz Carlton Residences and The Palmeraie, a mixed-use, ultra-luxury retail, dining and residential development.

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. The retail component is approximately 160,000 square feet of high-end, mixed-use space located on 22 acres at the corner of Scottsdale and Indian Bend Rds.

The Palmeraie will also incorporate a variety of dining destinations led by 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 penthouses. The interest list is currently forming with a sales campaign beginning later this year.

The JLL Capital Markets team representing the borrower was led by Managing Director Bryan Clark, Director Olga Walsh and Associate Daniel Pinkus.

“Madison Realty Capital’s significant experience with branded hotel residences and deep understanding of the hospitality market sets their team apart,” Clark said. “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.”

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  Scottsdale market, which is consistently ranked as one of the best places to live in the country.”

JLL’s Capital Markets group is a full-service global provider of capital solutions for real estate investors and occupiers. The group’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The group has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources, please visit JLL’s newsroom.

About JLL

For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit

About Five Star Development

Setting new standards in the industry, Five Star Development is a leading commercial real estate company that manages, develops and invests in luxury residential, five-star hospitality, high-end retail, Class-A office and best-in-class industrial real estate. Employing a strong customer focus, Five Star has developed over 25 million square feet of projects valued at more than $3.5 billion across the Southwest. Founded in 1978 and headquartered in Scottsdale, Ariz., Five Star uses the best development practices in the industry and the most technologically advanced construction methods to create appealing, imaginative, and innovative projects that are cost effective and environmentally sustainable. Five Star is well-versed in overcoming the challenges presented in major development undertakings and prides itself on completing complex projects. For more, visit

About Madison Realty Capital 

Madison Realty Capital is a vertically integrated real estate private equity firm that, as of December 31, 2022, manages approximately $10 billion in total assets on behalf of a global institutional investor base. Since 2004, Madison Realty Capital has completed approximately $22 billion in transactions providing borrowers with flexible and highly customized financing solutions, strong underwriting capabilities, and certainty of execution. Headquartered in New York City, with an office in Los Angeles, the firm has more than 70 employees across all real estate investment, development, and property management 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