Scottsdale-based Five Star Development has secured a massive loan to complete construction on the master-planned The Palmeraie in Paradise Valley near Scottsdale Road and Lincoln Drive.

The $2 billion, luxury mixed-use project is being developed across 122 acres anchored by the Ritz-Carlton Paradise Valley resort and surrounded by dozens of villas, single-family homes and private residences as well as a 160,000-square-foot shopping district.

Five Star said on Friday that it has secured a $585 million loan through New York-based real estate private equity firm Madison Realty Capital for the completion of the Ritz-Carlton Paradise Valley resort and the overall Palmeraie development. The firm said this could be one of the largest construction loans to go through in 2023.

Josh Zegen, managing principal and co-founder of Madison Realty Capital said they are "pleased to provide a flexible financing solution" for Five Star Development.

"This is one of the most impressive undertakings of a luxury master-planned community on the West Coast. Five Star Development has completely presold each of the masterfully designed Villas and nearly half of the Estate Homes," Zegen said in a statement.

The Palmeraie is about 80% complete and has been in the works for years with several pauses in construction that has frustrated homeowners waiting to move in since they bought their properties several years ago. Many have been renting apartments while waiting. In March, Five Star Development paused construction again while waiting to finalize the final phase of financing for The Palmeraie.