NorthMarq’s Denver office arranged a $23 million loan to refinance the historic Mount Princeton Hot Springs Resort.
Brian Fisher of NorthMarq’s Denver office arranged the financing for the 63-acre resort in Nathrop, which comprises 105 guest rooms, numerous pools, a spa, water slides, a wedding pavilion, restaurant, bar, conference center and fitness center.
“The borrower required a nonrecourse loan with prepayment flexibility and limited PIP reserve for an incredibly well performing asset in a remote location. We immediately targeted a regional credit union with knowledge of the asset,” said Fisher. “Given the financial performance of the asset and the lender’s knowledge of the property, we were able to provide a loan that met all the borrower’s needs. The loan will also allow the borrower to execute an expansion plan that will further improve the property’s exceptional financial performance.”
NorthMarq arranged the permanent, fixed-rate loan for the borrower through its relationship with a credit union.
The loan has a 10-year term with two years of interest-only payments and a 25-year amortization schedule. The nonrecourse loan has no prepayment penalty
