D.A. Davidson Closes $48M in CPACE Financing for Black Rock Mountain Resort in Utah
SALT LAKE CITY--(BUSINESS WIRE)--Dec 22, 2022--
D.A. Davidson’sSpecial District Group, a nationally recognized team of capital market professionals, has closed $48 million in Commercial Property Assessed Clean Energy (CPACE) financing for Black Rock Mountain Resort in Wasatch County, Utah. Building upon the Special District Group’s previous CPACE capabilities, this deal represents the expansion of its CPACE portfolio and reinforces the group’s proven track record across amenity-rich mountain resort and residential communities.
“Black Rock Mountain Resort is primed to become a top-tier destination for recreation, entertainment, vacation, corporate events and more. The resort’s full suite of on-site amenities, coupled with its sustainability minded approach to its facilities, require a financing tool that can fund its green initiatives such as energy efficiency, renewable energy and water conservation improvements,” said Brennen Brown, managing director at D.A. Davidson, Special District Group. “As our partners prioritize smart growth, we look forward to the continued expansion of our CPACE portfolio and our diversified financing capabilities across the nation.”
Located right outside of Park City, Utah, Black Rock Mountain Resort offers luxury accommodations and four-season recreation. The resort is ideally located within 15 minutes of destinations such as Deer Valley Resort, Park City Mountain Resort and the Jordanelle Reservoir, and conveniently within 45 minutes from the Salt Lake City International Airport.
Upon completion, the project is anticipated to include a total of 250 rooms, and 30,000 square feet of commercial space. Suites will offer spectacular views of the Jordanelle Reservoir and Deer Valley, or the mountains of the Wasatch Range. The hotel units will be offered in a variety of configurations, including two-, three- and four-bedrooms.
In addition to the residential and hotel accommodations, the resort will feature an NHL-sized hockey arena and event center, which is anticipated to become known as one of the largest event venues in Park City, Utah. The event center will offer a 12,000-sf, three-story fitness facility and be the home ice for the Utah Outliers hockey team, which holds the title as the USPHL 2022 Mountain Division Champions.
The event center will have the capability to easily convert the ice sheets to an event venue for concerts, comedy shows and more, including concessions and VIP spaces.
The proceeds of the CPACE financing are dedicated to cutting-edge technology that was sourced for the event center and will double as a renewable energy source for the resort. Each time the ice refreezes, it generates the energy required to heat and cool the commercial spaces within the hotel, including the pools.
On-site amenities include: a year-round heated swimming pool and hot tub; a state-of-the-art fitness facility; sauna and steam rooms; a member’s lounge with ping-pong, billiards, and TVs for watching sports or gaming; and a family-friendly arcade full of nostalgic classics. A complimentary shuttle service takes guests into town for the year-round recreation that Park City has to offer.
Resort dining options at Black Rock include the Overlook Restaurant featuring local seasonal ingredients and stunning mountain views; The Market, which offers coffee, continental breakfast items and sundries; and for those over the age of 21, the On the Rocks Bar features specialty cocktails and live music several times a week.
D.A. Davidson & Co.‘s Special District Group focuses on raising capital for its land development clients by offering access to both the public capital markets as well as private institutional investors. The group excels at financing public infrastructure for land development through the issuance of municipal bonds. The team partners with special districts and developers to structure turnkey and tailored transactions to optimize the best economic outcome for clients, driving groundbreaking financial solutions with hands-on partnerships from project inception to completion. For more information on D.A. Davidson & Co.’s Special District Group, visit: https://dadavidson.com/specialdistrictgroup.
About D.A. Davidson Companies
D.A. Davidson Companies is an employee-owned financial services firm offering a range of financial services and advice to individuals, corporations, institutions and municipalities nationwide. Founded in 1935 with corporate headquarters in Great Falls, Montana, and regional headquarters in Denver, Los Angeles, New York, Omaha and Seattle, the company has approximately 1,525 employees and offices in 28 states.
Subsidiaries include: D.A. Davidson & Co., a full-service investment firm providing wealth management, investment banking, equity and fixed income capital markets services and advice; Davidson Investment Advisors, a professional asset management firm; and D.A. Davidson Trust Company, a trust and wealth management company. For more information, visit dadavidson.com.
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KEYWORD: UTAH UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: PROFESSIONAL SERVICES SUSTAINABILITY OTHER CONSTRUCTION & PROPERTY RESIDENTIAL BUILDING & REAL ESTATE LODGING COMMERCIAL BUILDING & REAL ESTATE DESTINATIONS ENVIRONMENT CONSTRUCTION & PROPERTY TRAVEL URBAN PLANNING FINANCE
SOURCE: D.A. Davidson Companies
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PUB: 12/22/2022 04:55 PM/DISC: 12/22/2022 04:55 PM