Fairmont Tamarack Sells Out Initial Pre-Construction Real Estate Offering Totaling $140M
Posted by Brian Gordon and Jessica Flynn — March 20, 2007
125 Condominium and Hotel Condominium Units Sold in Less than Seven HoursTamarack, IDAHO – (March 21, 2007) – Fairmont Tamarack, a joint venture development between Andre Agassi and Stefanie Graf’s Agassi Graf Development and Bayview Financial, L.P.’s Real Estate Investment Group released its first 125 pre-construction units on Saturday, selling out in fewer than seven hours. Fairmont Tamarack is planning a second release in late summer prior to breaking ground in late fall or early winter of this year. Upon its expected completion in 2010, Fairmont Tamarack will mark the first luxury hotel flag in the state of Idaho and will seek to be only the fifth five-star property in a mountain resort.The sales event marked yet another milestone in the growth of the blossoming Tamarack Resort, an allseasons jewel in Idaho located just 90 miles north of Boise (Sun Valley is 160 miles east of Boise). Prior to the Fairmont Tamarack sales event, Tamarack Resort had six consecutive real estate sell outs dating back to January 2004. Between January 2004 and April 2006, 531 properties have been sold ranging from condominium units to single-family chalet and cottage dwellings to estate homes and lots.The success of the resort and its real estate has surprised many, particularly in the current market, but as Lynn Wiener, a buyer in the first release, commented, “I’ve watched the development of other resorts like Vail, Beaver Creek and Telluride and realized the opportunity to become involved in a young resort so early on doesn’t come around very often.” In fact, Tamarack Resort is considered the first master planned all-season resort developed in more than 23 years. Andre Agassi, standing in front of his buyers at an event on Saturday night echoed a similar sentiment, “It’s not often at this stage of your life that you have the chance to truly do something for the first time. All of us, including Stefanie and me, are playing a vital role in shaping the personality and culture of this young community at Tamarack, and this is something we should all be very proud of and excited about.”Now in only its third year of operation, Tamarack Resort is gaining national and international acclaim for its ski mountain, 30,000 acre lake and award-winning golf course (named America’s Best New Course in its category by Golf Digest for 2006), as well as America’s celebrity and athlete community with musicians, actors and athletes purchasing units in the first release of Fairmont Tamarack.
# # #Fairmont Tamarack Contact:Brian GordonMiami Marketing Group305-534-7101Tamarack Resort Contact:Jessica FlynnTamarack Resort208-830-4037Bayview Financial, L.P.Headquartered in Miami , Bayview Financial, L.P. is a privately held full-service real estate investment and mortgage finance firm. It’s an investment firm dedicated to using its own capital to make long-term investments for its portfolios, Bayview Financial, L.P. has a disciplined approach to underwriting, quality control and loss mitigation. Bayview Financial, L.P. has repeatedly demonstrated the value of these characteristics by differentiating itself in a crowded marketplace and generating tangible benefits for its clients. The clearest evidence of Bayview Financial, L.P.’s success is its track record: Since 1998, Bayview Financial, L.P. companies have issued more than $23.8 billion dollars in asset-backed securities, consisting of loans acquired from third parties and loans originated in house. In 2006, the firm delivered acquisition and origination volume of approximately $4.8 billion. Today Bayview has more than $10 billion in assets, making it one of the largest financial institutions in the state of Florida. Currently the real estate division has over $1.5 billion in active developments.Agassi Graf Development LLCAgassi Graf Development LLC is a real-estate development company focused on the creation of luxury, resort and lifestyle-oriented offerings in partnership with the industry’s leading developers and brands. The company specializes in developing the design and overall lifestyle component of real-estate offerings under the direction and vision of Andre Agassi and Stefanie Graf.Tamarack ResortTamarack Resort, the first all-season resort to open in the U.S. in more than two decades, has received national attention for its world-class mountain for skiing, hiking and mountain biking; Osprey Meadows, an award-winning Robert Trent Jones, Jr., signature golf course; and beautiful Lake Cascade, suitable for swimming, sailing, fishing, sea kayaking, and boating. A key element of the Tamarack community is The Club at Tamarack for homeowners, their families and guests. Nestled in Idaho’s Payette River Mountains, Tamarack is a luxury boutique resort with a variety of lodging options all within walking distance of the four season amenities.