Greystone Arranges $141 Million Construction Loan for 245-Unit Luxury Multifamily Tower in Scottsdale
SCOTTSDALE, Ariz. — Greystone has arranged a $141 million construction loan for IKONIC Scottsdale, a 245-unit luxury rental tower being developed by The Hampton Group in Scottsdale, Arizona, the firm announced June 3.
Bank OZK and Related Fund Management provided the financing for the multifamily real estate project, according to the announcement.
Deal Details
The $141 million facility works out to approximately $576,000 per unit across the 245-unit project. Greystone served as the arranger on the transaction. The Hampton Group, the project's developer and sponsor, is described in the announcement as bringing luxury multifamily development expertise and local market knowledge to the project. IKONIC Scottsdale is intended to set what the sponsor describes as a new benchmark for luxury multifamily living in North Scottsdale.
Specific loan terms, including loan-to-cost ratio, interest rate, loan term, and amortization schedule, were not disclosed in the announcement.
Quotes from the Announcement
"IKONIC Scottsdale is exactly the type of transaction where sponsorship quality drives lender confidence," according to a quote attributed to a Greystone representative in the announcement.
"The Hampton Group brings a unique combination of luxury multifamily development expertise and deep local market knowledge in Scottsdale, which gave lenders" confidence in the project, a second quote from the announcement noted.
From the developer's perspective, a Hampton Group representative said in the announcement: "We believe IKONIC Scottsdale will set a new benchmark for luxury multifamily living in North Scottsdale. From the location and design to the amenity experience, every aspect of the project has been carefully curated to deliver an exceptional residential" experience.
About the Firms Involved
Greystone is a commercial real estate finance company. The Hampton Group is the developer and borrower on the IKONIC Scottsdale project. Bank OZK (Nasdaq: OZK) is a publicly traded bank. Related Fund Management is also identified as a capital provider in the transaction.
Additional project details, including the property address, unit mix, square footage, and anticipated delivery timeline, were not included in the announcement.