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One Steamboat Place deal not yet finalized

Tom Ross
An announcement about the finalization of a debt restructuring that will remove unsold unites at One Steamboat Place from foreclosure is a least a day away, but is expected early as next week, according to Timbers Resorts CEO David Burden.
John F. Russell

— Completion of a financial restructuring that would remove unsold units at One Steamboat Place from foreclosure proceedings is at least a day away. However, the lead developer of the luxury condo project at the base of Steamboat Ski Area said today that all of the principle agreements are in place and only details remain.

“We’re in good shape,” Timbers Resorts CEO David Burden said. “There’s nothing I know of that potentially kills anything. It’s legal work and not involving the core agreements, but the language on agreements that have to do with operations” of the project.

Burden confirmed that the financial restructuring of nearly $100 million in construction debt involves significant injection of new capital into the project, but he declined to name the new investors, saying they had declined to step forward publicly.



“If I had another Friday this week, I’d be comfortable saying it will wrap up this week,” but it’s likely the work of finalizing legal language will carry into early next week, Burden said.

He stressed that Timbers Resorts will continue to manage the property and the Homeowners Association on behalf of owners. He reiterated that the newly restructured debt would give the project “many years” to work through remaining inventory and repay the restructured loan. And he added that in-house financing of condominium purchases is a key element in One Steamboat Place moving forward.



There are new pending sales of condominiums at One Steamboat Place, Burden said, but the contracts cannot be signed until constraints by the seven lending banks are lifted after the restructuring is final.

“This is a full endorsement of One Steamboat Place and of Steamboat Springs, in my opinion,” he said.

— To reach Tom Ross, call 970-871-4205 or email tross@SteamboatToday.com


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