Mosaic Real Estate Credit provided $165 million in construction financing to Columbus Pacific for development of Pendry Park City in Utah. Pre-construction work on the residential resort has begun. An official groundbreaking is scheduled for summer, and completion is anticipated for winter 2021.
Situated in the Canyons Village on Sundial Court, the residential resort will offer 233-key ski-in lift-out guestrooms and suites, and condos ranging from $395,000 to $3.7 million. The project also will include five restaurants, a fitness center and spa, 7,000 sq. ft. of indoor meeting space and 40,000 sq. ft. of commercial space.
"Columbus Pacific's business plan has been proven out with the success of the pre-sales," said Mosaic Real Estate's Peter Pasqua. "Our financing allows Pendry Park City to become a best-in-class project that will anchor Canyon Village's overall master plan."
