Scottsdale Entrada Development Receives $101.5M In Funding

SCOTTSDALE, AZ — the next phase of the Scottsdale Entrada development near Papago Park is one step closer to fruition.

That's because Banyan Residential, the investment firm behind the mixed-use development, received $101.5 million in construction loans to finance more than 500 apartment units that make up the second phase of the project, the company said.

The Scottsdale Entrada project includes more than 250,000 square feet of office space, in addition to 7,500 square feet of retail space and 735 apartments, spread out across a 33-acre plot of land on the northeast corner of 64th Street and McDowell Road.

The mixed-use project is located within an Opportunity Zone, which allows companies to purchase properties in lower income areas in exchange for waiving capital gains taxes.

Banyan Residential acquired the Scottsdale Entrada plot in December 2019 and broke ground on the opening phase of construction in 2020, with the first phase of apartments expected to be completed by late 2021, the company said.

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

For more information on the Scottsdale Entrada project, visit Banyan Residential's website.