The non-recourse financing was provided by Dallas-based Archon Financial. The five-year, interest-only package, which represents a 62% loan-to-value ratio, replaces the resort's construction loan, according to an Archon Financial spokesman. The Westin Kierland Resort & Spa, developed by Woodbine, opened in November 2002 in West Scottsdale.

The destination resort features 732 guest rooms, 175,000 sf of indoor and outdoor function space with two ballrooms, 27-hole Kierland golf course, full-service spa with 20 treatment rooms, multiple pools and tennis courts, business center, fitness center and more than eight restaurants and lounges. The resort is situated at 6902 E. Greenway Parkway in the 730-acre Kierland master-planned community, which includes the 38-acre Kierland Commons.

Just last year, Archon Financial cleared a $66-million refinance for Kierland Commons, a Woodbine-developed mix of shopping, entertainment, restaurants and residential space. The latest financing was co-arranged by Steve Pearlman, senior vice president with Trammell Crow Co. in New York City, and Paul Weimer of HIGroup in Chicago.