Hotel News Source
August 29th, 2022
Concord Summit Capital, LLC 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. 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 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 between three experienced and well-connected Summit County locals in Scott Russell, Shervin Rashidi, and Ryan Geller, and the institutional development expertise of Denver-based Pure Development. Pre-construction work is underway with an estimated completion in 2025.
Concord Summit Capital’s Managing Director Peter Goergen sourced the financing on behalf of the borrowers.
“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,” Goergen said.
“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,” said Scott Russell, Kindred’s Managing Partner. “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.”
“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,” Goergen added. “Kindred will transform the guest, owner, and skier experience in Keystone, and we’re grateful to have played a role in that story.”
PCL Construction is the project’s general contractor and OZ Architecture led the design efforts.