Photo: KELSEY HARRINGTON | C&R COMMUNICATIONS
Bald Mountain Development and Alcion Ventures have announced $165 million (£134 million) in construction financing for the five-star Four Seasons Resort and Private Residences Napa Valley; slated to open early 2019.
Initial site work has begun on the hotel and 20 two, three and four-bedroom residences with vertical construction to begin this summer.
Holliday Fenoglio Fowler, L.P. worked on behalf of the developers to place the construction loan with Heitman on behalf of one of its institutional investors.
“The financing of this project included competitive bidding and we felt Heitman came to the table with the best solution. This project’s complexity required a creative approach. Heitman was willing to navigate these challenges in order to deliver an optimal outcome for everyone involved,” said Kelly Foster, a Principal at Bald Mountain Development.
This spring, the foundation and utilities will be in place followed by vertical construction slated to begin in the summer.
The 20 residences are expected to be complete fall 2018 with the resort to open early 2019. Upon completion and after the resort’s opening, residence owners will have VIP access to the Four Seasons Resort’s collection of amenities and activities, including a world-class restaurant, a spa, an indoor and outdoor fitness center with state-of-the-art equipment.
