Hampton Group Gets $141M Construction Loan for Phoenix Luxury Tower
Greystone arranged the financing, which consisted of a senior mortgage and mezzanine debt.
The Hampton Group has secured $141 million in construction financing for the development IKONIC Scottsdale, a 14-story, 245-unit luxury multifamily rental tower in Scottsdale, Ariz. Completion is slated for 2028.
Greystone arranged the loan, which consisted of a senior mortgage provided by Bank OZK and a mezzanine loan from Related Fund Management.
Greystone’s team was led by Drew Fletcher, president at Greystone Capital Advisors & Greystone Construction Capital, Managing Director Bryan Grover and Vice President Jesse Kopecky. The team served as exclusive advisors for the transaction.
What’s going up
IKONIC Scottsdale is being designed by Gensler and constructed by Gilbane Building Co. The tower will rise at 16640 North Scottsdale Road, at the intersection of North Scottsdale and Bell roads. The community will feature a mix of one-, two- and three-bedroom residences averaging approximately 1,062 square feet.
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Residences will include quartz countertops, stainless steel appliances, wine refrigerators, and in-unit washers and dryers. Each apartment will have private balconies with views of the McDowell Mountains and downtown Scottsdale.
The property’s amenity package will include a 24/7 concierge, rooftop pool and spa, as well as a fitness center, a co-working lounge and a double-height lobby.
IKONIC Scottsdale is adjacent to The Promenade, a large, open-air lifestyle center. It’s also one mile west of TPC Scottsdale and Kierland Commons, a mixed-use development.
Major employers in the region include the Mayo Clinic, Axon Enterprise, Banner Health and a growing concentration of technology and semiconductor companies across metro Phoenix. Arizona State University is expected to open a new health care campus in 2028.
Strong luxury rental market
Vacancy has been trending down in submarkets like North Scottsdale and the East Valley. New completions are expected to fall by nearly 50 percent across the market this year, which should position Class A properties to strengthen and potentially regain rent growth, according to Marcus & Millichap’s first-quarter 2026 Phoenix multifamily market report. The city’s overall vacancy rate is 5.9 percent and expected to dip slightly amid the sharp reduction in new supply, the report notes.
Institutional activity accelerated in the Phoenix metro in 2025. However, private buyers remained relatively cautious due to elevated financing costs, the report stated.
Late last year, Stockdale Capital Partners acquired The Quincy at Kierland, a 266-unit midrise asset in North Scottsdale for $110.3 million in an all-cash deal with Embrey. The property, which was completed in 2024, is located within the 730-acre Kierland master-planned community.
