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Home > News
Hypo Real Estate Group Closes $520 Million Loan to Acquire Base Village in Snowmass
April 17, 2007 - 7:44 AM
By COskiing News
NEW YORK and MUNICH, Germany -- Hypo Real Estate Capital Corporation (HRECC), a member of Hypo Real Estate Group, today announced it closed a $520 million 4-year mortgage loan for the acquisition and development of the new Snowmass Base Village located at Snowmass Village near Aspen, Colorado. This transaction, which closed on March 1, 2007, marks the first time DekaBank and Hypo Real Estate Capital Corporation, acted as Co- Agents. DekaBank has previously acted as a syndicate on prior deals with Hypo Real Estate Capital Corporation.
The sponsor of the loan is Related WestPac. Related WestPac is a joint venture partnership of Related Companies, a fully integrated private real estate development firm, and WestPac Investments Colorado LLC, a diversified Real Estate investment and development company.
Snowmass is one of the nation's most exclusive ski resorts. This acquisition is designed to continue the creation of the new base village at Snowmass that anchors a new full service year-round destination resort, advancing the world class Aspen/Snowmass mountain setting. The 19-acre entitled base village development site includes a mixture of whole-ownership condominiums, condominium-hotels, retail and restaurants. Of the 90 whole- ownership condominiums available in Phase 1 of the Base Village development, 87 have already been pre-sold. Other components will include community recreational facilities, skier services, and a children's center. Hypo Real Estate Capital Corporation and DekaBank are also providing construction financing for the first two phases of construction.
"We believe Related WestPac's decision to approach us and ultimately work with us on this project is a clear indication of our ability to deliver highly innovative financing solutions to meet our clients individual project needs. We believe the acquisition and construction of the new Snowmass Base Village is a premier project that will deliver strong risk adjusted returns. We are confident that the quality and breadth of Hypo Real Estate Group's services will continue to strengthen the relationship we have with the sponsors, and welcome the opportunity to work with Related WestPac again in the future," commented Evan Denner, Deputy CEO of Hypo Real Estate Capital Corporation.
Bruce Kimmelman, Director at Hypo Real Estate Capital Corporation, added, "Snowmass Base Village offers a unique opportunity given the overall strong regional demand for premium commercial, residential, and resort space. In addition, it is a destination of choice located on a premier world-class mountain with ease of access through a significant number of connecting and direct flights from around the globe into nearby Aspen."
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