NEW YORK—CIT Real Estate Finance served as the co-arranger and administrative agent for a $65 million senior secured credit facility to a joint venture between Extell Development Company and Parkland Group.
The financing supports the acquisition of the Four Seasons Vail, a luxury resort located in Vail, CO. Financing was provided by CIT Bank, N.A., the principal bank subsidiary of CIT. Terms of the transaction were not disclosed.
The property features 97 luxury guestrooms, 24 suites and 13 club units as well as 227 below-grade parking spaces. Amenities include a ski concierge at the base of Vail Gondola One; a 14,900-sq.-ft. spa facility; 8,500 sq. ft. of meeting space; a 2,200-sq.-ft. fitness facility, as well as a restaurant and bar.
Todd Noonan, EVP of Extell Development, said, “This is a great property that performs well… Partnering with Matt Galligan and his team at CIT meant the transaction would close quickly and accurately.”