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Sonnenblick-Eichner Co. Arranges $50 Million Construction Loan for Luxury Utah Resort Development
By: Sonnenblick-Eichner Co.
Proceeds from this fixed-rate, non-recourse construction loan will be used to complete the Phase I onsite infrastructure improvements and vertical construction of the initial 34 single family homes, as well as the horizontal infrastructure of Phase II. To be built over five phases, at build-out, the $350 million development will include 188 single-family residences "Casitas" and a luxury, destination resort hotel. The project will be the first luxury residential development in the city of Moab.
"Given the unique location of the site and the strict barriers to entry, we were successful in procuring a lender that provided a non-recourse loan at 85% of cost," said Elliot Eichner, a Principal of Sonnenblick-
"Our client spent 16 years to obtain the entitlements to build this project in one of our country's most beautiful natural environments,"
DB&R Marketing Communications, Inc.
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