Banyan Residential Secures $101.5M Construction Loan for Residential Portion of Scottsdale Entrada Mixed-Use Project
SCOTTSDALE, ARIZ. — Banyan Residential has received a $101.5 million construction loan for the residential phase of Scottsdale Entrada, a mixed-use development located at 64th Street and McDowell Road in Scottsdale. Wells Fargo Bank provided the loan.
Designed by Todd & Associates, the 515-unit residential component will offer resort-style pools, a fitness center, mobile workspace areas, a game room and deck spaces with views of the Papago Buttes and McDowell Mountains.
Situated on 33 acres, Scottsdale Entrada will feature more than 250,000 square feet of office space, 7,500 square feet of retail space and 735 apartments, as well as public gathering spaces, jogging trails, a dog park and direct access to the Arizona Cross Cut Canal.
Banyan acquired the development site in December 2019 and broke ground on the project in March 2020. The office component and first phase of the residential units are slated for completion in fourth-quarter 2021.