Concord Summit Capital, a Denver-based investment company, will be financing the total construction cost of the Keystone's upcoming Kindred Ski Resort, according to a news release. Construction for the project, which is located adjacent to the Keystone Ski Mountain River Run Gondola, is expected cost an astounding $225.5 million dollars.
According to officials, the company has sourced a $140 million senior construction loan, $55.47 million in CPACE financing, and a commitment for $30 million dollar preferred equity investment for the project.
"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 release said.
Kindred is currently in the preconstruction phase, and is expected to be completed in 2025, officials said.
"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," said Concord Summit Capital's Managing Director Peter Goergen in the release.
"Kindred will transform the guest, owner, and skier experience in Keystone, and we're grateful to have played a role in that story."
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