$520M Mortgage Secured for Snowmass Ski Village Development

New York, NY – Hypo Real Estate Capital Corporation (HRECC), a member of Hypo Real Estate Group, this week announced it closed a $520 million four-year mortgage loan for the acquisition and development of the new Snowmass Base Village located at Snowmass ski and snowboard resort near Aspen, Colorado. This transaction closed on March 1, 2007.

The sponsor of the loan is Related WestPac, a joint venture partnership of Related Companies, a fully integrated private real estate development firm, and WestPac Investments Colorado LLC, a diversified real estate investment and development company.

The loan is designed to continue the creation of the new base village at Snowmass that anchors the year-round destination ski and snowboard resort. The 19-acre entitled base village development site includes a mixture of whole-ownership condominiums, condominium-hotels, retail and restaurants. Of the 90 whole-ownership condominiums available in Phase 1 of the Base Village development, 87 have already been pre-sold. Other components will include community recreational facilities, skier services, and a children’s center. Hypo Real Estate Capital Corporation and DekaBank are also providing construction financing for the first two phases of construction.

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