The $325-million project will consist of 77 luxury residences situated above 70,000 sf of commercial space, including a movie theater and a large public plaza. Solaris also includes approximately 300 underground parking spaces and Vail Village's only ice skating rink.
Knobel tells GlobeSt.com that the 70% of the 77 condos have been sold at an average price of approximately $2,300 per sf. The sales effort is most active during the winter and springtime when the wealthy Vail enthusiasts are in town. The gross sell-out value for the condos is $461 million, he says.
The first mortgage construction loan is being supplied by a JV of Vectra Bank, which is part of the California Bank and Trust, and PB Capital, a subsidiary of PostBank, which is affiliated with the Post Office of Germany. The mezzanine loan is being supplied by a fund of Och-Ziff Capital Management. The public financing is being provided by the sale of Metro District Bonds. The equity component is being supplied by Knobel.
Mendelson says Marty Burger of Artisan Real Estate Ventures was very helpful with regard to the financing and helped to bring some of the players to the table. "Given this credit environment, we were able to secure very attractive construction-level debt, and reasonably priced mezzanine funding. It's a testament to this spectacular project and its development team," Mendelson says.
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