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February 23, 2019
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FINANCING NEWS
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The Robert Green Company Secures $212 Mil for Construction of La Quinta Mixed-Use Development

1/16/19

An affiliate of Mosaic Real Estate Investors has provided The Robert Green Company with $212.25 mil in construction financing for the 145-acre, first phase of the master-planned SilverRock Resort and Residences mixed-use development in La Quinta. The Robert Green Company specializes in luxury hospitality and mixed-use development throughout the Western United States.

The three-year senior construction loan, 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.

“This is a one-of-a-kind resort that will be unmatched in the region in size, structure, and luxury,” says George Smith Partners’ Principal/ Managing Director Malcom Davies. “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.”

Robert Green, Founder of The Robert Green Company, notes, “We immediately recognized the substantial value this development will bring to the Coachella Valley. The region attracted 12.9 million visitors this year, with a projected 30% increase in visitors over the next eight years. This is simply the perfect time to bring a project of this magnitude to the region.”

SilverRock Resort already features a fully completed and world-renowned Arnold Palmer Signature Design golf course. The strength of sponsorship, combined with the superior hotel flags and the demand drivers for this type of luxury development in the Coachella Valley makes this loan a strong strategic fit for the firm’s investment thesis, according to Ethan Penner, Managing Partner and CIO of Mosaic Real Estate Investors.

Development of horizontal infrastructure is now underway, and the Montage and Pendry Resorts are expected to open in 2020.




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