Commercial real estate debt broker Concord Summit Capital arranged $232.5 million in total construction financing for the planned Kindred Resort in Keystone, Colorado.
The financing for the mixed-use development for the Keystone ski resort includes a $140 million senior construction loan, $55.47 million in commercial property-assessed clean energy financing, a commitment of $30 million of preferred equity investment and $7 million co-general partner investment from real estate developer Pure Development.
The Kindred Resort project will add a 107-room luxury hotel managed by Rock Resorts, a subsidiary of Vail Resorts. It will also include a new ski school, new dining options, a private ski club and 95 luxury residential condo units. It will be built adjacent to the River Run Gondola.
The development team is a joint venture of Summit County locals Scott Russell, Shervin Rashidi and Ryan Geller, principals at One River Run Acquisition, along with Pure Development.
Pre-construction work has started, and the project is estimated to be complete in 2025.
"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," said Peter Goergen, managing director at Concord Summit Capital.