(Read more on the multifamily market.)

LAS VEGAS-Locally based developer Michael Jabara says excavation is underway for the Summit at Brian Head, his 420-unit condominium resort project in the ski resort community of Brian Head, which is located 200 miles northeast of Las Vegas in southwestern Utah.The pre-construction work has been funded with a loan from Salt Lake City-based MagnetBank. Presales have just begun and a sales center is expected to be open shortly. The construction loan will be funded when half the units are presold, which is expected to occur in early 2008. The first phase of construction will include 84 condominium units and six town homes.

"Summit has carefully structured its finances, construction partners and sales strategies and is poised to break ground in spring 2008," says Jabara.

Set in the southwest corner of Brian Head, 9,850 feet above sea level, Summit at Brian Head is a 42-acre master-planned resort development. Located among Utah's national parks, the resort town is located three hours from Las Vegas, four hours from Salt Lake City, five hours from Flagstaff, AZ and seven hours from Los Angeles.

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