Washington, DC – May 18, 2021. Northridge Capital is pleased to announce that it has successfully closed the refinance of its construction loan for development of the W Aspen and The Sky Residences at W Aspen (the “Property”), the newly constructed 88-key W Hotel and 11 W-branded Residences located in downtown Aspen, Colorado at the base of Aspen Mountain. In a highly-competitive process managed by JLL Capital Markets, Northridge secured $74 million in bridge financing with Värde Partners, a global alternative investment firm and leading investor in U.S. mortgage markets.
According to David Jackson, President of Northridge, “To the extent we were permitted to operate during Covid-19, the W Aspen and Sky Residences performed extremely well. As restrictions have gradually eased (and in fact now have been almost entirely eliminated in Aspen), and with the dramatic increase of interest in travelling to, working from, and living in mountain destinations such as Aspen, we have seen strong and steady improvement in every measure of performance, which we fully expect to continue through at least this year.”
The W Aspen is the first luxury hotel developed in Aspen in almost 30 years and features three F&B outlets, including the signature Wet Deck on the rooftop offering breathtaking views of Aspen Mountain, the City of Aspen and Independence Pass. The Sky Residences include two and three-bedroom fully furnished units (with interiors designed by NYC-based nemaworkshop), which are managed as a private residence club on behalf of the owners. The Sky Residences are currently selling remaining inventory, with sales momentum accelerating as the appetite for second-home ownership continues to remain at elevated levels in “safe-haven” locations such as Aspen.
