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October 19, 2019
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TEXAS/SOUTHWEST NEWS
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Park City, Utah Resort Set to Break Ground after Securing $165 Mil in Financing

6/27/19

Mosaic Real Estate Credit has provided Columbus Pacific with $165 mil in construction financing for Pendry Park City, a resort project in the Canyons Village area of Park City, Utah. Mosaic’s financing consists of a three-year senior construction loan with two 12-month extensions.

Upon opening, Pendry Park City will revitalize Canyons Village with intimate gathering places and unparalleled experiences. Pre-construction work has begun on the development, with an official groundbreaking date slated for this summer and completion estimated for winter 2021.

The 233-key ski-in lift-out luxury resort will feature guestrooms and suites, along with fully serviced residences ranging in size from 446 sf studios starting at $395k to spacious 2.6k sf four-bedroom penthouse residences up to $3.65 mil. Complete with five restaurant concepts, a state-of-the-art fitness center and spa, more than 7k sf of indoor meeting space, and 40k sf of commercial space, Pendry Park City will be the social and cultural hub of Canyons Village.

The expansive 2.5-acre project quickly captured the attention of discerning buyers with an impressive $95 mil in reservations to-date with a selection of residence types—studios to four-bedroom penthouse residences—reserved.

“We have been overwhelmed by the demand, and it has validated our theory as to what people were looking for in the market,” said Brian Shirken, president, Columbus Pacific. “With our strategic location, luxury brand partner, and superior amenities, Pendry Park City is perfectly positioned to propel Canyons Village into its next generation.”






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