Banyan Residential secures $ 101.5 million construction loan for Entrada project

Residential Banyan, the private real estate investment company behind the highly anticipated Scottsdale Entrada mixed-use project, has entered into a $ 101,500,000 construction loan to finance the 515 additional apartments that make up the second phase of the project. Wells Fargo Bank made the loan.

Scottsdale Entrada will be one of the largest mixed-use developments in the Phoenix area, providing more than 250,000 square feet of office space, 7,500 square feet of retail space and 735 apartments on land of 33 acres formerly underutilized. Designed by local architectural firm Todd & Associates, the residential component of the project will provide residents with first-class amenities, including resort-style swimming pools, a fitness center, mobile workspaces, a game room and terrace areas offering a breathtaking view of the Buttes Papago. and the McDowell Mountains. There will also be plenty of public gathering spaces, including a large “green village” lawn, dog park, jogging trails, and direct access to the Arizona Cross Cut Canal.

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“This loan will help realize our team’s collective vision of a vibrant mixed-use campus,” said Max Friedman, partner at Banyan Residential. “We are grateful for the continued support from local residents, city officials and our partners, who are all excited to see this project become a reality.”

Located at the northeast corner of 64e Street and McDowell Road, Scottsdale Entrada is in an area of ​​opportunity. Under 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 investments. developments in qualified “areas of opportunity”. The project is being executed according to the schedule.

Scottsdale Entrada is adjacent to Papago Park and close to Arizona State University, downtown Scottsdale restaurants and nightlife, and Phoenix Sky Harbor Airport.

Banyan acquired the site in December 2019 and started the following March. The office component and the first phase of residential units are expected to be completed in the fourth quarter of 2021.

For more information, please visit Banyan Residential at https://www.banyanresidential.com/.