Greystone, a national commercial real estate finance company, announced that it has arranged $141 million in construction financing on behalf of The Hampton Group for the ground-up development of IKONIC Scottsdale, a 14-story, 245-unit ultra-luxury multifamily tower located at 16640 North Scottsdale Road in Scottsdale, Arizona. The financing consists of a senior mortgage provided by Bank OZK and a mezzanine loan from Related Fund Management. Greystone’s team led by Drew Fletcher, Bryan Grover, and Jesse Kopecky, served as exclusive advisors on the transaction.
Located at the prominent intersection of North Scottsdale Road and Bell Road — adjacent to The Promenade and minutes from Kierland Commons and TPC Scottsdale — IKONIC Scottsdale is expected to become the tallest and most luxurious apartment tower in North Scottsdale upon completion. The project will feature a mix of one-, two-, and three-bedroom residences averaging approximately 1,062 square feet, each offering private balconies and panoramic views of the McDowell Mountains, downtown Scottsdale, and TPC Scottsdale. Designed by Gensler and constructed by Gilbane Building Company, the tower is anticipated to open in 2028.
IKONIC Scottsdale will feature a hospitality-inspired amenity package including a 24/7 concierge, resort-style rooftop pool and spa, state-of-the-art fitness center, co-working lounge, and dramatic double-height lobby. Residences will include quartz countertops, stainless steel appliances, wine refrigerators, in-unit washers and dryers, and expansive private balconies.
North Scottsdale remains one of the nation’s strongest luxury rental markets, supported by sustained population growth, rising household incomes, and continued in-migration of professionals attracted by major employers including Mayo Clinic, Axon Enterprise, Banner Health, and a growing concentration of technology and semiconductor companies across the Phoenix metropolitan area.
“IKONIC Scottsdale is exactly the type of transaction where sponsorship quality drives lender confidence,” said Drew Fletcher of Greystone. “The Hampton Group brings a unique combination of luxury multifamily development expertise and deep local market knowledge in Scottsdale, which gave lenders conviction in both the vision for the project and the team’s ability to execute.”
“We believe IKONIC Scottsdale will set a new benchmark for luxury multifamily living in North Scottsdale,” said John Berry, CEO of The Hampton Group. “From the location and design to the amenity experience, every aspect of the project has been carefully curated to deliver an exceptional residential offering. We are proud to partner with Bank OZK and Related Fund Management on a financing execution that reflects the strength of both the project and the market opportunity.”
