Sonnenblick-Eichner Company announced that they have arranged $212,500,000 of construction financing for the new St. Regis Resort & Residences Deer Crest, located on the mountain at Deer Valley Ski Area in Deer Valley, Utah. The non-recourse construction loan was provided by a syndicate of three domestic and international money center banks and financial institutions.
Upon completion, the St. Regis Deer Crest will be comprised of an 11-story hotel tower, offering 67 luxury condominium units divisible into 181 hotel keys and 26 private whole ownership residences. A 27th residence will be located at the base of Deer Valley where a separate reception complex will be built. Access to the resort from the base area will be via a funicular.
The resort is being built to Mobil “Five Star” standards and upon completion will be the only Five-Star property in the state of Utah. Amenities at the property will include ski-in/ski-out access, a 20,000 sq.-ft. spa and fitness center, a gourmet restaurant, an après ski lounge with ski valet service, a “ski beach” and two resort-style swimming pools.
David Sonnenblick, principal of Sonnenblick-Eichner Company, said, “Due to the project's unique attributes and location, we were able to identify several domestic and international institutions seeking the opportunity to provide construction financing for the project. We were successful in structuring a non-recourse construction loan with a cap on the completion guaranty, thereby minimizing our client's exposure. Upon completion, this project will be one of the finest year-round resorts in the country.”
Elliot Eichner, principal of Sonnenblick-Eichner Company added, “This transaction is indicative of our company's dedicated niche in arranging and structuring complex transactions for the hospitality industry.”
