Capital One Bank announced that it has provided a $35 million loan to finance notes receivable for the Grand Colorado on Peak 8, a timeshare resort with 75 two-bedroom equivalent units, ranging from one to four bedrooms, located at the base of Peak 8 at the Breckenridge Ski Resort in Breckenridge, Colorado. The project is being developed by Breckenridge Grand Vacations (BGV). Jim Casey, Senior Vice President and Managing Director of Capital One’s Vacation Ownership Lending Group, originated the transaction.
“Breckenridge Grand Vacations has an outstanding track record,” Casey said. “Their knowledge of the Breckenridge timeshare market is second to none. We are very pleased to be supporting this project.”
The team at BGV developed, owns and operates three resorts in Breckenridge and is breaking new ground with the Grand Colorado on Peak 8. The development will be the first of its size and type in this market to feature air conditioning in all units and is expected to become the highest-quality timeshare product in the immediate area. Amenities at the ski-in/ski-out resort will include indoor and outdoor aquatic areas with two pools, four hot tubs, a full service spa, restaurant, outdoor fireplaces and grills, a family fun center, three private theaters, a rooftop garden and a lobby bar.
“There are few lenders who understand timeshare finance as well as Jim Casey and the team at Capital One,” said Rob Millisor, Owner and Developer, Breckenridge Grand Vacations. “We were impressed with their exceptional terms, responsiveness and dedication to developing and completing a tailored financing solution that suits our needs for this ambitious development.”
Capital One Bank’s Commercial and Specialty Finance Business serves clients through a team of more than 200 associates with expertise in lender finance and non-bank financial institutions, asset based lending, technology, healthcare, security and defense, municipal finance, and equipment leasing and finance. Capital One Bank’s Commercial Business leverages a relationship-based banking model that seamlessly delivers an array of products and services including loans and deposit accounts, asset securitization, treasury management services, merchant services, investment banking, international services, interest rate hedging and correspondent banking.
About Breckenridge Grand Vacations
Breckenridge Grand Vacations is the parent company of the award-winning Grand Lodge on Peak 7, Grand Timber Lodge and Gold Point Resort. Since 1984, Breckenridge Grand Vacations has been providing vacation ownership opportunities for over 20,000 families. In 2014 the company was named as an employer of choice by The Denver Post Top Workplaces, as well as one of the Top Companies in the state by Colorado Biz Magazine. Breckenridge Grand Vacations has been recognized as one of the most successful, independent developers in the timeshare industry. With the motto, “Our family commitment, always Grand Vacations,” Breckenridge Grand Vacations defines their success by how much it positively impacts the lives of their owners and guests, community and employees. Visit www.breckenridgegrandvacations.com for more information.
About Capital One
Capital One Financial Corporation (www.capitalone.com) is a financial holding company whose subsidiaries, which include Capital One, N.A., and Capital One Bank (USA), N. A., had $205.5 billion in deposits and $308.9 billion in total assets as of December 31, 2014. Headquartered in McLean, Virginia, Capital One offers a broad spectrum of financial products and services to consumers, small businesses and commercial clients through a variety of channels. Capital One, N.A. has branches located primarily in New York, New Jersey, Texas, Louisiana, Maryland, Virginia and the District of Columbia. A Fortune 500 company, Capital One trades on the New York Stock Exchange under the symbol “COF” and is included in the S&P 100 index.