DENVER, COLORADO (March 5, 2020) – Brian Fisher, vice president of NorthMarq’s Denver office arranged the $23 million refinance of the historic Mount Princeton Hot Springs Resort in Nathrop, Colorado. The 63-acre resort is located three hours southwest of Denver and consists of 105 guest rooms, numerous pools, spa, water slides, wedding pavilion, restaurant, bar, conference center, and fitness center.
“The borrower required a non-recourse loan with prepayment flexibility and limited PIP reserve for an incredibly well performing asset in a remote location. We immediately targeted a regional credit union with knowledge of the asset,” said Fisher. “Given the financial performance of the asset and the lender’s knowledge of the property, we were able to provide a loan that met all the borrower’s needs. The loan will also allow the borrower to execute an expansion plan that will further improve the property’s exceptional financial performance.”
Financing Details:
– 10-year term with 2-years of interest-only payments
– 25-year amortization schedule
– Non-recourse
– No prepayment penalty
– NorthMarq arranged the permanent fixed-rate loan for the borrower through its relationship with a credit union.
