{"id":1004292437,"date":"2019-01-17T03:36:26","date_gmt":"2019-01-17T11:36:26","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004292437"},"modified":"2021-05-15T03:48:38","modified_gmt":"2021-05-15T11:48:38","slug":"coachella-valley-resort-lands-212m-financing","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/coachella-valley-resort-lands-212m-financing\/","title":{"rendered":"Coachella Valley Resort Lands $212M Financing"},"content":{"rendered":"
\"SilverRock<\/a>

SilverRock Resort, Hotel Entry<\/p><\/div>\n

The Robert Green Co. is moving forward with development of the master-planned SilverRock Resort and Residences mixed-use development in La Quinta, Calif., thanks to $212.3 million in construction financing. The 145-acre first phase will include two luxury hotels.<\/p>\n

The three-year senior construction loan from an affiliate of Mosaic Real Estate Investors, arranged by George Smith Partners, will be used to fund the predevelopment and construction costs of a 140-key Montage Resort, a 200-key Pendry Resort, 10 luxury golf villas, a shared service and conference facility and a golf clubhouse. The Montage and Pendry resorts, two hotel and resort brands within Montage International, are expected to open in 2020.<\/p>\n

The SilverRock Resort, located in the Coachella Valley, already has a fully completed and world-renowned Arnold Palmer Signature Design golf course. <\/p>\n

\u201cAs 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,\u201d<\/em> Malcolm Davies, George Smith Partners principal & managing director, said in a prepared statement.<\/p>\n

\"SilverRock<\/a>

SilverRock Resort, Luxury Pool<\/p><\/div>\n

Davies noted that the financing process required a deep collaboration of multiple entities and extensive understanding of the market, which has been undergoing a tourism boom in recent years but lacks enough hotel rooms to meet the demand.<\/p>\n

\u201cThis project encompasses a tremendous amount of complexity and required a financing strategy with exceptional fortitude and flexibility,\u201d<\/em> he said. \u201cOur team worked closely with the developer to identify the right financing partner, and to structure the financing in a way that was extremely accretive to the developer\u2019s underwriting.\u201d<\/em><\/p>\n

Robert Green, founder of The Robert Green Co., an Encinitas, Calif.-based company that specializes in luxury hospitality and mixed-used development throughout the Western U.S., noted the Coachella Valley region attracted 12.9 million visitors in the past year. The region expects a 30 percent increase in visitors over the next eight years.<\/p>\n

\u201cWe immediately recognized the substantial value this development will bring to the Coachella Valley,\u201d<\/em> Green said in a prepared statement. \u201cThis is simply the perfect time to bring a project of this magnitude to the region. The existing golf course, a PGA tour caliber facility, is a tremendous asset when looking at this development from a macro perspective.\u201d<\/em><\/p>\n

\"Ethan<\/a>

Ethan Penner, Managing Partner & CIO, Mosaic Real Estate Investors<\/p><\/div>\n

Ethan Penner, managing partner & CIO of Mosaic Real Estate Investors, also pointed to the tourism metrics that are improving in the region. \u201cThis investment is well-aligned with our dedication to identify and invest in properties that fill unmet needs in the capital markets,\u201d<\/em> Penner said in prepared remarks. \u201cCoachella Valley has quickly become a top tourist destination and we are confident in the long-term fundamentals of this project.\u201d<\/em><\/p>\n

Hospitality deals<\/h2>\n

In July, George Smith Partners arranged $32.4 million in financing for another Coachella hospitality project\u2014the development of an IHG Hotel Indigo<\/a>, a 35-acre casita-style resort in Coachella, Calif. The 250-key resort will be the closest property to the Empire Polo Club, the site of several music festivals held annually in the area. The project, which included a 13,000-square-foot convention center, secured a $24.4 million senior construction loan and $8 million PACE funding, making it the first hotel project in California to receive PACE financing.<\/p>\n

The Coachella development is not the first time The Robert Green Co. has worked with Montage Hotels & Resorts. Last January, the firms unveiled plans for Montage Healdsburg<\/a>, a 130-key resort in the Northern California wine country community of Healdsburg.<\/p>\n

In Oct 2017, George Smith arranged financing for another Montage and Pendry development\u2014the San Diego Pendry Hotel<\/a>, a 317-key luxury hotel near the San Diego Convention Center and Petco Park. The firm secured an $85 million bridge loan to repay the construction loan.<\/p>\n

Mosaic has also been active in the hospitality market, providing a $50.9 million construction loan<\/a> in December for Oceans V to convert a Los Angeles-based office building into a 180-key Cambria Hotel & Suites.<\/p>\n

Images courtesy of George Smith Partners<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The Robert Green Co. will use the loan to construct the first phase of SilverRock Resort and Residences, which is expected to include Montage- and Pendry-branded hotels.<\/p>\n","protected":false},"author":1068,"featured_media":1004292494,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21808,21825,34027,21752,21742,15],"tags":[33306,34521,34013],"class_list":["post-1004292437","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-featured","category-finance","category-inland-empire","category-mixed-use","category-latest","category-west","tag-george-smith-partners","tag-montage-international","tag-the-robert-green-company"],"acf":[],"yoast_head":"\nCoachella Valley Resort Lands $212M Financing - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/coachella-valley-resort-lands-212m-financing\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Coachella Valley Resort Lands $212M Financing\" \/>\n<meta property=\"og:description\" content=\"The Robert Green Co. will use the loan to construct the first phase of SilverRock Resort and Residences, which is expected to include Montage- and Pendry-branded hotels.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/coachella-valley-resort-lands-212m-financing\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2019-01-17T11:36:26+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-05-15T11:48:38+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/01\/Ethan-Penner-Mosaic-Real-Estate-Investors.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Gail Kalinoski\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/coachella-valley-resort-lands-212m-financing\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/coachella-valley-resort-lands-212m-financing\/\",\"name\":\"Coachella Valley Resort Lands $212M Financing - 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Gail has been a freelance writer and editor for more than 20 years, contributing to daily websites, magazines, weekly business newspapers, market intelligence newsletters, research reports, monthly B-to-B and consumer magazines. Earlier in her career, Gail worked for Gannett Corp. as an editor and reporter for 15 years. 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