$325M Solaris Condos Secures Financing

VAIL, CO-Construction financing has been secured for the construction of Solaris, a mixed-use development in Vail Village, according to Cliff Mendelson, the senior managing director with Transwestern who arranged the deal for developer Peter Knobel. Mendelson tells GlobeSt.com the capital structure consists of a first mortgage construction loan, a mezzanine loan, public financing and a large equity component.

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.