La Quinta's SilverRock Development Project Obtains Construction Financing
Media Contact: Sonya Murillo
Phone: (760) 634-6543
FOR IMMEDIATE RELEASE
LA QUINTA’S SILVERROCK DEVELOPMENT PROJECT OBTAINS CONSTRUCTION FINANCING
ENCINITAS, CALIF. (October 31, 2018) –The Robert Green Company, developer of the SilverRock Resort project, announced today that the project has executed a construction loan agreement with an affiliate of Mosaic Real Estate Investors. The senior construction loan facility, totaling over $212,000,000 was arranged by George Smith Partners.
The loan provides capital for the installation of master site infrastructure as well as the vertical development of both the Montage and Pendry Hotels, the Conference and Shared Services building, the new Golf Clubhouse and the first phase of branded residential units for both the Montage and Pendry at SilverRock.
"We are very pleased to announce Mosaic as our construction lender for the project", said Robert S. Green, Jr. President and CEO of The Robert Green Company. "Mosaic has not only been a great lender to work with, but also has conducted themselves as a true partner in putting this loan in place.", he continued. "It has been a very productive and positive experience working with Mosaic, and we thank them for believing in our team and our project. We have worked very hard for many months to bring this loan to closure."
Ethan Penner, Chairman and CEO of Mosaic Real Estate Investors concurred, stating that his company "...believes strongly in the future success of the Montage and Pendry hotels at SilverRock and in the development team’s ability to deliver a world class project for the City of La Quinta."
Green also thanked the team at George Smith Partners for bringing the transaction to fruition. "We are also grateful for all the hard work of the Structured Finance team at George Smith Partners' LA office." he said. "Malcolm Davies and his team have placed hundreds of millions of dollars in debt and equity for The Robert Green Company and its affiliates over the years and they worked tirelessly over many months to close this transaction."
Malcolm Davies, Principal and Managing Director at George Smith stated, "We are very proud to continue our long-standing relationship with both the borrower and the lender on this loan and are excited to be part of the team to make this exciting project a reality."
For more information, please visit www.therobertgreencompany.com
About The Robert Green Company
Founded nearly 20 years ago by San Diego native Robert S. Green, Jr., The Robert Green Company is a privately held, real estate development company headquartered in Encinitas, CA, specializing in hospitality, luxury residential, and mixed-use development throughout the Western United States. The company and its principals are credited with the development of world-renowned hotels and resorts such as the Pendry Hotel in San Diego, CA; The Everly Kimpton in Hollywood, CA; Park Hyatt Resort Aviara, formerly known as Four Seasons Resort Aviara in Carlsbad CA; Four Seasons Resort Jackson Hole, WY; and Four Seasons Hotel Palo Alto, CA. Current company projects include, Montage Healdsburg in Healdsburg, CA; Fifth Avenue Landing in San Diego, CA; Del Mar Beach Resort in Del Mar, CA; and a Joie de Vivre hotel in Mountain View, CA. For more information, please visit www.therobertgreencompany.com.
About Mosaic Real Estate Investors
Mosaic Real Estate Investors (“Firm”) was founded in 2015. The Mosaic team has real estate and lending experience encompassing more than three decades and multiple cycles. Their specialties include sourcing relationships, strong due diligence, and asset management. Mosaic Real Estate Credit, Mosaic’s debt investment platform, is designed to be opportunistic, with a primary focus on value add and opportunistic, 1-5 year first mortgage loans, mezzanine loans, and preferred equity structures. Loan sizes range from $30MM to $200MM+.
About George Smith Partners
George Smith Partners, Inc. (“GSP”) is a leading national real estate capital advisory firm. Since its founding in 1992, GSP has successfully arranged over $50 Billion of financing commitments, sourcing capital from commercial and investment banks, life insurance companies, pension funds, family offices, private equity, opportunity funds and both domestic and foreign investment funds.
The firm’s innovative approach to structuring complex deals, coupled with deep lender and capital relationships are the foundations of its success. Based in Los Angeles, George Smith Partners consistently ranks as one of the nation’s preeminent advisory firms, consisting of over 50 employees and seven partners. Together with its predecessor company, George Smith Financial, the firm has been in business for nearly 40 years and has successfully transacted on over 10,000 financing facilities to-date. For more information, please visit www.gspartners.com.
About Montage International
Montage International, founded by Alan J. Fuerstman, is a hospitality management company consisting of hotels, resorts, residences, golf courses and golf clubs. Montage International encompasses the ultra-luxury brand Montage Hotels & Resorts, the luxury hotel brand Pendry Hotels, Montage Residences and the management of some of the country’s premiere golf courses and clubs. Montage Hotels & Resorts, founded in 2002, is an artistic collection of distinctive hotels, resorts and residences in stunning locations including: Montage Laguna Beach, Montage Beverly Hills, Montage Deer Valley, Montage Kapalua Bay, Montage Palmetto Bluffand Montage Los Cabosopening in 2018.Pendry Hotels, founded in 2014, is a collection of new luxury hotels for the modern day traveler located in taste making destinations, including Pendry San Diegoand Sagamore Pendry Baltimore. Montage International also manages and operates Spanish Peaks Mountain Club in Big Sky, Montana and The May River Golf Club in Bluffton, South Carolina. For more information, please visit www.montage.com.