Concord Summit Capital closes $232.5m of total construction financing for luxury ski-in-ski-out mixed-use development
Concord Summit Capital has arranged $232.5 million of total construction financing for the Kindred Resort, a mixed-use development directly adjacent to the Keystone Ski Mountain River Run Gondola in Keystone, Colo.
Concord Summit sourced a $140 million senior construction loan, $55.47 million in CPACE financing, and a commitment for $30 million of preferred equity investment for the project. Rounding out the capital stack is a $7 million co-general-partner investment from Pure Development.
The project will transform the base of Keystone, America's fourth most-visited ski resort, providing a best-in-class hotel, a new ski school, several new dining options, a private ski club, and 95 luxury residential condo units. The Kindred Resort hotel will be the first of its kind in Keystone, offering modern luxury to a ski-in-ski-out experience. The 107-key luxury hotel will be managed by Rock Resorts, a subsidiary of Vail Resorts.
The development team is a joint venture b