Concord Summit assembles $232.5m Colorado resort construction financing

The mixed-use development includes C-PACE and pref equity components to complete the capital stack.

Concord Summit Capital has assembled a $232.5 million financing package to fuel the construction of a mixed-use development with a new resort at its centerfold in Keystone, Colorado.

The August 29 deal marks one of the more sizable hospitality-focused loans issued in recent months and notably features $55.47 million of C-PACE (Commercial Property Assessed Clean Energy) financing atop a $140 million senior construction loan, a $30 million preferred equity commitment and a $7 million co-general partner investment from Pure Development.

The Miami-based advisory and investment manager arranged the financing for the Kindred Resort, a mixed-use project located next to the Keystone Ski Mountain River Run Gondola in Colorado. The development team consists of a joint venture between Scott Russell, Shervin Rashidi, Ryan Geller and Denver-based developer Pure Development.

Concord Summit said the project will transform the base of Keystone with the creation of a new hotel, dining options, a ski school and private ski club, and 95 luxury residential condominiums. The 107-key luxury hotel will also be part of the development with Vail Resorts affiliate Rock Resorts managing the Kindred Resort.

Concord Summit managing director Peter Goergen sourced the financing for the borrowers.

“The complexity of this type of development requires a sophisticated partner that has relationships, knowledge, and support to complete the capital stack,” Russell said in a written statement. “We look forward to working with CSC again on our next project.”

PCL Construction is working as the development’s general contractor and OZ Architecture helmed the design work. Pre-construction work is underway, according to Concord Summit, and is set for completion around 2025.