VAIL, CO-Construction financing has been secured for the construction of Solaris, a mixed-use development in Vail Village, according to Cliff Mendelson, the senior managing director with Transwestern who arranged the deal for developer Peter Knobel. Mendelson tells the capital structure consists of a first mortgage construction loan, a mezzanine loan, public financing and a large equity component.

The $325-million project will consist of 77 luxury residences situated above 70,000 sf of commercial space, including a movie theater and a large public plaza. Solaris also includes approximately 300 underground parking spaces and Vail Village’s only ice skating rink.

Knobel tells that the 70% of the 77 condos have been sold at an average price of approximately $2,300 per sf. The sales effort is most active during the winter and springtime when the wealthy Vail enthusiasts are in town. The gross sell-out value for the condos is $461 million, he says.

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