Developers of a Napa County luxury resort announced they have secured $165 million in construction financing.
Bald Mountain Development and Alcion Ventures are developing what they say will be a five-star Four Seasons Resort and Private Residences Napa Valley (napaluxuryliving.com, 707-637-6123) slated to open in Calistoga in early 2019. The companies plan on the hotel and 20 two-, three- and four-bedroom residences.
Holliday Fenoglio Fowler, LP, worked on behalf of the developers to place the construction loan with Heitman on behalf of one of its institutional investors.
“The financing of this project included competitive bidding and we felt Heitman came to the table with the best solution. This project’s complexity required a creative approach. Heitman was willing to navigate these challenges in order to deliver an optimal outcome for everyone involved,” said Kelly Foster, a principal at Bald Mountain Development.
This spring, the foundation and utilities will be in place followed by vertical construction slated to begin in the summer. The 20 residences are expected to be complete fall 2018 with the resort to open early 2019. Upon completion and after the resort’s opening, residence owners will have access to the Four Seasons Resort.
Bald Mountain Development is a boutique resort development firm based in Aspen, Colo., and Napa Valley. Principals David Parker and Foster have developed luxury resort properties throughout the U.S. and Mexico.
Officials have previously stated rates will run at about $1,000 to $1,300 per night. Along with the hotel, the resort will feature single- and two-story villas and two- to four-bedroom private residences. Each will include multiple master suites, an owner’s wine cellar as well as indoor and outdoor dining and entertainment spaces.
The resort comes with a 6-acre vineyard, a spa, restaurant a gourmet general store, estate winery and tasting room, wine cave and private wine library and barrel room. It will integrate grape-to-glass with winemaker Thomas Brown. A limited collection of wines will be produced at the onsite winery.
Bald Mountain has also set up an office in Calistoga on Lincoln Avenue.
This is the third joint project for Bald Mountain and Alcion Ventures, a Boston-based real estate private equity firm. The Napa Valley project is Alcion’s third Four Seasons–branded project.