Beverly Hills, California – January 16, 2018 – Sonnenblick-Eichner Company announced today that it has arranged $60 million of financing for The St. Regis Deer Valley (www.stregisdeervalley.com), a year-round destination resort located on the slopes of the world renowned Deer Valley ski area in Park City, Utah. The St. Regis Deer Valley offers 67 hotel condominium suites divisible into 177 hotel keys and 25 private whole-ownership residences. The ski-in, ski-out resort is considered among the finest destination ski resorts in the world. Amenities at the resort include the 14,000 square-foot Remède Spa and fitness facilities, a Jean-Georges Vongerichten signature restaurant (J&G Grill) and the Deer Crest Club, a private club providing an exclusive experience for its members.
Funded by a domestic Life Insurance Company in a highly structured transaction, proceeds of this non-recourse financing were used to refinance existing debt with a new long term fixed rate loan as well as 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 on the next phase is anticipated to begin later this year or early 2019.
“Deer Valley is recognized as one of the finest destination ski resorts in the world. With its year-round amenities and the successful history of condominium and private resident sales, the transaction was ultimately structured with a life insurance company who fully appreciated the intrinsic value of the asset in underwriting the collateral for the loan,” said Sonnenblick-Eichner Company Principal David Sonnenblick.
“This is the third financing that we have arranged for the ownership, including a $212,500,000 construction loan and a subsequent permanent loan,” added Sonnenblick-Eichner Principal Elliot Eichner.