Vail’s Solaris developer pays off $140 million loan
Vail, CO Colorado
VAIL, Colorado – Solaris Property Owner LLC, the developer of the new Solaris project in Vail Village, has fully repaid its first mortgage construction loan of $140 million that financed a large portion of the project’s construction costs.
Solaris developer Peter Knobel repaid first mortgage lenders, PB Capital and Vectra Bank, about four weeks ago. The loan repayment was made possible through a combination of strong condominium sales, a healthy commercial rent roll and a further financial investment from the developer, according to a statement released Tuesday.
Remaining construction costs will be funded from developer equity, commercial cash flow and other sources.
Solaris has completed the sales of 18 residences in the last six months. The commercial center is open for business and is 80 percent leased.
Solaris is a mixed-use development that includes 79 residences, 300 underground parking spaces and approximately 70,000 square feet of retail, restaurant and entertainment space.
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