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$300M-Plus St. Regis Resort Under Way

DEER VALLEY, UT-An 11-story condo hotel is being built here with a three-year loan from a syndicate arranged by Sonnenblick-Eichner Co.

By Brian K. Miller | Updated on July 31, 2007

DEER VALLEY, UT-A new St. Regis Resort and Residences is under construction on the mountain at Deer Valley Ski Area. The developer is a joint venture of a Hong Kong national and an East Coast-based development entity funded by pension and entrepreneurial investors. The construction lender is a syndicate of three domestic and international financial institutions arranged by Los Angeles-based Sonnenblick-Eichner Co.

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.

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