Dealmaker: George Smith Partners Secures $212M for Coachella Valley Resort

George Smith Partners, Los Angeles, arranged $212.25 million in construction financing for the first phase of the SilverRock Resort and Residences mixed-use development in La Quinta, Calif.

Mosaic Real Estate Investors, Calabasas, Calif., provided The Robert Green Co., Encinitas, Calif., with the financing. The three-year senior construction loan will fund the predevelopment and construction costs of a 140-key Montage Resort, a 200-key Pendry Resort, 10 luxury golf villas, a conference facility and a golf clubhouse.

“As Coachella and other desert festivals increase in popularity, there is tremendous growing demand for high-level hospitality product, making this new resort and luxury living community the highest and best use for this initial 145-acre land parcel,” said George Smith Partners Principal and Managing Director Malcom Davies.

Robert Green Co. Founder Robert Green noted the region attracted 12.9 million visitors in 2018 and analysts project a 30 percent increase in visitors over the next eight years.

SilverRock Resort already includes an Arnold Palmer-designed golf course. Green said the property under development will leverage the golf course to appeal to high-end visitors and residents.

Horizontal infrastructure development is underway with a 2020 expected delivery date for the Montage and Pendry Resorts.