Scottsdale Plaza Resort in AZ Receives $64M Refinancing
The property’s owners will use the proceeds to retire an existing $57.2 million CMBS loan from JPMorgan Chase, which they secured in 2006.
By Tudor Scolca
Scottsdale Plaza Resort
The Scottsdale Plaza Resort in Scottsdale, Ariz., has received $63.5 million in refinancing. HFF worked on behalf of the borrower, Scottsdale Plaza Resort LLC, to secure the funds through Apollo Commercial Real Estate Finance Inc. Proceeds will be used to retire an existing CMBS loan.
According to Commercial RealEstate Direct, the owner of the resort is an investor group led by Plaza Management Corp. In 2006, the group secured a $57.2 million loan with JPMorgan Chase Commercial Mortgage Securities Corp. The group has owned and operated the property since its opening in 1976.
The Scottsdale resort occupies 40 acres located at 7200 N. Scottsdale Road, approximately 17 miles north of downtown Phoenix. Ownership recently completed a three-year-long renovation, with a multimillion-dollar investment. The 404-key resort features:
- five swimming pools
- 24-hour fitness center
- 24-hour business center
- walking trails
- two lighted tennis courts
- full-service salon, spa and sauna
- 50,000 square feet for events
- complimentary shuttle service
Scottsdale Plaza Resort is situated in an area which sees more than 7 million tourists annually. Main attractions nearby include the Scottsdale Fashion Square Mall, Old Town Scottsdale, the Scottsdale Waterfront and Camelback Mountain.
Photo courtesy of Scottsdale Plaza Resort
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