Phoenix-Area Senior Housing Scores $140M

Maravilla Scottsdale Phase I. Image via Google Street View Senior Resource Group has secured a…

Maravilla Scottsdale Phase I. Image via Google Street View

Senior Resource Group has secured a $140 million loan for Maravilla Scottsdale, a luxury senior housing community in Scottsdale, Ariz. Greystone arranged the financing on behalf of the borrower, while KeyBank provided the funding, according to public records.

Built in 2012, the first phase of the property received several accolades, including the Best 50+ CCRC Community by the National Association of Home Builders. The phase comprises 217 independent living, assisted living and memory care units. Community amenities include a restaurant, bistro bar, patio, café, fitness center, pool and cinema.

Phase II of Maravilla Scottsdale is now in the planning phase. It will have 193 units on the same parcel as Phase I, across 11 acres with several common area spaces. The development is slated for delivery in mid-2023.

An awarded community in metro Phoenix

Located at 7325 E Princess Blvd., the community is some 24 miles north of downtown Phoenix. Scottsdale Sports Complex is less than 2 miles east of the property, while several retail, dining and entertainment options are available within a 1-mile radius. Mayo Clinic Hospital PHX-1 is some 3 miles northwest, while Harkins Theatres Scottsdale is approximately 2 miles in the same direction.

In July of last year, KeyBank provided $105.9 million for the refinancing of six senior housing communities located in Texas and Illinois. Heartis then secured the 631-unit deal.

According to the National Investment Center for Seniors Housing & Care, senior housing occupancy increased to 80.6 percent in the first quarter of the year, up 2.5 percentage points from the pandemic-induced low of 78 percent in the second quarter of 2021. Units under construction, however, are at their lowest level since 2015.

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