Robert Green Company Secures $212.2M Construction Loan for SilverRock Resort in California’s Coachella Valley
LA QUINTA, CA. — Commercial real estate developer The Robert Green Company has secured a $212.2 million construction loan for the 145-acre first phase of the master-planned SilverRock Resort and Residences in La Quinta.
George Smith Partners arranged the three-year senior construction loan. The lender was an affiliate of Mosaic Real Estate Investors.
Proceeds of the loan will go toward the predevelopment and construction costs of a 140-room Montage Resort, a 200-room Pendry Resort, 10 luxury golf villas, a conference facility and a golf clubhouse.
“This is a one-of-a-kind resort that will be unmatched in the region in size, structure, and luxury,” says Malcom Davies, principal of George Smith Partners. “As Coachella and other desert festivals increase in popularity, there is tremendous growing demand for high-level hospitality product, making this new resort and luxury living community the highest and best use for this initial 145-acre land parcel.”
SilverRock Resort already features a fully completed Arnold Palmer Signature Design golf course.
Development of horizontal infrastructure is currently underway, with the Montage and Pendry resorts expected to open in 2020.
“We immediately recognized the substantial value this development will bring to the Coachella Valley,” says Robert Green, founder of The Robert Green Company. “The region attracted 12.9 million visitors this year, with a projected 30 percent increase in visitors over the next eight years. This is simply the perfect time to bring a project of this magnitude to the region.”
— David Cohen