Colliers’ Debt and Equity Team Tapped to Source $524 million on Behalf of Developer
Gatlinburg/Pigeon Forge, TN. – Colliers International announced today that its structured finance team comprised of Jeffrey Donnelly Dmitry Levkov and Jim Morris, has been selected by developer New Paradigm Development Partners to secure $524 million in financing for the development of Blue Mist Mountain Resort. The project is a state-of-the-art, family-oriented, multi-generational resort on the doorstep of the Great Smoky Mountains National Park, always ranked as the country’s most visited National Park, and the 9th largest tourist destination in the United States.
Once financing is secured, the project should be delivered in the late fall of 2021 or spring of 2022. It will feature “The Stirling Hotel” - a 307-key hotel with meeting space; luxury amenities and services; “The Highlanders” - 200 mountain-style vacation townhomes and 40 luxury four-bedroom vacation residences; “The Boardwalk”, a half-mile long shopping, dining and entertainment strip surrounding “The Crystal Lake”, a 5-acre man-made lake with grotto style Cabanas built into the earth lining the beach; and “Rocky Top” – outdoor adventure facility featuring The Blue Mist Craft Brewery producing branded craft beers and sodas exclusively for visitors and guests.
“New Paradigm Development Partners are pioneers in building large-scale, nationally prominent upscale ‘lifestyle’ shopping centers,” said J. Scott Lucas, Founder of New Paradigm Development Partners. “The Blue Mist will be a hospitality anchored ‘lifestyle’ destination offering upscale dining, shopping and entertainment experiences – all on a mountaintop. A spectacular public destination encased in a private resort with world class amenities and accommodations. Our goal is a national landmark facility recognized by everyone as the ultimate luxury resort experience in the Great Smoky Mountains.”
Colliers Senior Managing Director, Dmitry Levkov added that New Paradigm is in discussions with several national “best-in-class” operators in both the hotel lodging and vacation rental space. Currently, several hotel operators including those with premium soft brand affiliations have submitted or are developing term sheets and operational budgets for the facility. The food and beverage operations will be guided by Jon Taffer, the nation’s most recognized food and beverage consultant, of “Bar Rescue” fame.
“This is a great investment vehicle we anticipate will attract very strong lender and equity investor interest,” said Colliers’ Executive Director Jeffrey Donnelly. “Blue Mist is a compelling and logical addition to the current hospitality choices in this very undersupplied Gatlinburg/Pigeon Forge market. Lenders and investors will also be impressed by the significant development track record of our clients, who have extensive experience with very large-scale ground-up development projects all over the country.”
Previously, New Paradigm has developed Deer Park Town Center and The Arboretum of South Barrington in Chicago, Town Center Plaza in Kansas City, and many other projects nationwide.
Colliers Senior Vice President Jim Morris of Nashville added, “Coming from Nashville, the leading feeder market for the Smokies – I know that The Blue Mist represents what everyone has been waiting for – the first true luxury mountain resort in the Smokies. The Blue Mist will be a transformational, historic development for the entire region capable of elevating a national top 10 vacation marketplace.
The Donnelly/Levkov Team is part of Colliers International's New York Capital Markets division. The team’s focus is on debt and equity solutions for real estate properties and projects across all asset classes - throughout the entire United States, as well as internationally. The Donnelly/Levkov Team is currently financing projects in New York City, New Jersey, Dallas, Chicago, and Aruba – and they are now partnered with their Nashville colleague Jim Morris on several multifamily financing projects in San Antonio and Nashville.
