Case Study

FRP Real Estate Advisory completes €16.3m bridging facility for prime Val d’Isère development

Published: 03 July 2026

Share

FRP Real Estate Advisory has arranged a €16.3m bridging facility for a €180.5m GDV ski-in/ski-out development site in La Daille, Val d’Isère, France.

Background

A borrower sought bridging finance against a prime ski-in/ski-out development site in La Daille, Val d’Isère, to secure working capital and time to identify a joint venture development partner for a high-end branded residences scheme. The collateral comprises two existing chalets and associated buildings across three parcels of land totalling approximately 3,731 sqm, with full planning consent already in place for 12 luxury penthouses alongside spa, restaurant, and concierge amenities—targeting an international high-end buyer pool, with a projected GDV of €180.5m. The transaction was led by Arjun Saroya, Finance Advisor at FRP Real Estate Advisory, supported by Philip Kay and Andrew Robinson.

Action

The capital stack shifted and terms were re-negotiated at multiple stages, requiring the team to adapt continuously while maintaining lender confidence throughout an evolving process. Securing the right structure demanded considerable coordination across multiple counterparties and capital providers. The resulting funding package comprised:

€16.3m gross bridging facility structured across an A/B note arrangement with two capital providers, delivering €13.5m net proceeds to the borrower
48.16% net LTV against an independently assessed as-is land value of €29.96m, as verified by Savills
12-month term with a six-month extension option, providing the borrower with breathing room to advance JV partner discussions
Full planning consent already secured for 12 luxury penthouses with spa, restaurant, and concierge amenities—removing a key layer of development risk from the facility

Outcome

The €16.3m facility was successfully completed, giving the borrower a clean, well-priced funding structure to progress discussions with prospective joint venture partners and bring forward one of the most significant branded-residence opportunities in the French Alps. With prime ski-in/ski-out land in Val d’Isère in genuinely short supply, the transaction reflects growing international investor appetite for best-in-class Alpine development assets, and adds further international reach to FRP Real Estate Advisory’s track record in complex, structured real estate finance.

This was a deal where nothing stood still for long — the capital stack shifted, terms were re-negotiated, and the structure had to evolve at every stage. What made it work was the team’s ability to stay pragmatic and keep all parties aligned. What we ultimately delivered was a clean, well-priced facility for an exceptional site. A ski-in/ski-out land holding in La Daille with planning consent at this level does not come along often, and we were determined to make sure the funding matched the quality of the opportunity.