Rock Resorts gets fiscal green light for Keystone ski retreat
Vail Resorts’ subsidiary, Rock Resorts, has been granted $232.5 million of construction financing for a mixed-use ski development in Keystone, Colorado.
The 107-key luxury Kindred Resort will be the first of its kind in Keystone, offering a ski-in-ski-out experience.
Varied development
As well as the high end hotel, the resort will contain a new ski school, several new dining options, a private ski club, and 95 luxury residential condo units.
Pre-construction work is underway with estimated completion in 2025. PCL Construction is the project’s general contractor and OZ Architecture is leading the design efforts.
The US project’s funding was arranged by Concord Summit Capital, which 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 Denver-based Pure Development.
Transforming experience
Concord Summit Capital’s MD Peter Goergen said: “The Kindred development team has been terrific to work with. This project required years of work on behalf of the county, Vail Resorts, capital partners, the development team, and countless other stakeholders. Congratulations to all parties involved.
“We’re fortunate to work with capital partners that have a deep understanding of real estate, possess the vision to focus on what’s important in a transaction, and are masters at executing. Kindred will transform the guest, owner, and skier experience in Keystone, and we’re grateful to have played a role in that story.”
Scott Russell, Kindred’s managing partner, added: “We couldn’t be more satisfied with the perseverance and leadership of Peter and CSC, and fully appreciate the team that helped complete the construction financing. The complexity of this type of development requires a sophisticated partner that has relationships, knowledge, and support to complete the capital stack. We look forward to working with CSC again on our next project.”
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