The plus-$300-milion St. Regis Deer Crest is under construction and slated to open in spring 2009. The recently closed construction loan totals $212.5 million. The three-year loan is non-recourse and includes two one-year extension options. The interest rate was less than 300 basis points over Libor, according to industry sources familiar with the transaction.

"Due to the project's unique attributes and location, we were able to identify several domestic and international institutions seeking the opportunity to provide construction financing for the project," says Sonnenblick-Eichner principal David Sonnenblick. "We were successful in structuring a non-recourse construction loan with a cap on the completion guaranty, thereby minimizing our client's exposure."

Upon completion, the St. Regis Deer Crest will be an 11-story hotel tower with 67 luxury condominium units divisible into 181 hotel rooms topped by 26 private whole-ownership residences. The goal is to have the facility be the only Mobil five-star property in Utah. Amenities at the property will include ski-in/ski-out access, a 20,000-sf spa and fitness center, a gourmet restaurant, an après ski lounge with ski valet service, a "ski beach" and two resort-style swimming pools. Guests will access the resort from the base area using a funicular railway.