Dealmaker: CIT Bank Lends $65M on Four Seasons Vail Resort/Hotel
CIT Bank, New York, lent a joint venture between Extell Development Co. and Parkland Group $65 million for its Four Seasons Vail resort and hotel acquisition in Vail, Colo.
Barclays, London, sold the property to the venture in November for $121 million. Bernard Van der Lande of CBRE Capital Advisors and Mark Darrington and Larry Kaplan of CBRE Hotels represented Barclays in the transaction.
Law360 reported Barclays provided construction financing for the project and purchased the property in 2009 during the downturn.
CIT Bank parent company CIT Real Estate Finance co-arranged the loan and served as administrative agent.
The property includes 97 guestrooms, 24 suites and 13 club units plus a ski concierge at the base of Vail Gondola One.
Extell Development Executive Vice President said Todd Noonan said Vail has become a year-round destination and is one of North America’s most popular ski resorts with more than 2 million visitors annually.
“Vail has long been considered a gateway for winter sports and is the most visited ski destination in the country,” CIT Real Estate Finance President Matt Galligan said. He noted that the city’s proximity to Denver and major throughways makes it a prime attraction for both in-state and out-of-state visitors.
In the fourth quarter CIT Real Estate Finance provided a $26.3 million senior secured credit facility to Shopoff Realty Investments, Irvine, Calif., for two Chicago creative loft office buildings.
The buildings, 900 North Franklin in the River North submarket and 224 North Desplaines in the West Loop, total 164,500 square feet.
“Chicago’s central business district is a strong market for commercial real estate and one of the nation’s premier locations for office buildings,” Galligan said. “River North and the West Loop are further distinguished by the high demand for creative office space in the historic buildings in these areas, which are home to a significant majority of the top 100 tech companies in Chicago.”
