March 16, 2020
The owner of Mount Princeton Hot Springs Resort obtained $23 million in refinancing for its 63-acre property in Nathrop, CO. Brian Fisher with NorthMarq arranged for the non-recourse, permanent fixed-rate financing through a credit union. The 10-year term loan features a 25-year amortization schedule and two years of interest-only payments.
The property is three hours southwest of Denver. The resort has a 105-guest-room lodge, numerous pools, a spa, water slides, restaurant, bar, conference center and fitness center. The owner is listed as Princeton and Spa LLC, of Miami Beach, FL.
“The borrower required a non-recourse loan with prepayment flexibility and limited PIP reserve for an incredibly well-performing asset in a remote location. We immediately targeted a regional credit union with knowledge of the asset,” Fisher said. “The loan will also allow the borrower to execute an expansion plan that will further improve the property’s exceptional financial performance.”
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