January 17, 2018
Beverly Hills, CA-based Sonnenblick-Eichner Company arranged $60 million of financing for The St. Regis Deer Valley, a year-round destination resort located on the slopes of the Deer Valley ski area in Park City, UT. The property offers 67 hotel condominium suites divisible into 177 hotel keys and 25 private whole-ownership residences.
Funded by a domestic life insurance company in a highly structured transaction, proceeds of the non-recourse financing were used to refinance existing debt with a new long-term, fixed-rate loan. It will also provide for the development of the next phase of the resort, which will include additional condominium and hotel units, a destination restaurant and other resort amenities. Construction is anticipated to begin later this year or early 2019.
Sonnenblick-Eichner’s Elliot Eichner says, “This is the third financing that we have arranged for the ownership, including a $212.5-million construction loan and a subsequent permanent loan.”
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