|
10/25/17
|
Gorman & Company Inc has refinanced Lion’s Ridge Apartment Homes, a 114-unit multifamily property at the foot of Vail Ski Resort in Vail, CO. The $21.75 mil Fannie Mae loan was structured by Walker & Dunlop Inc.
Lion’s Ridge utilizes a ground lease structure and is owned by a public/private partnership between the borrower and the Town of Vail (the “Town”). The property provides much-needed, quality workforce housing, which is in significant demand in this high-cost market.
Completed in 2016, Lion’s Ridge Apartment Homes replaces a portion of Timber Ridge, originally a 102-unit apartment community in disrepair that was purchased by the Town when its 20-year deed restriction for affordable housing neared expiration. The Town immediately made improvements to the property, then split it into two parcels, allowing for one side of the site to be redeveloped into Lion’s Ridge. The other side of the site is still host to a legacy Timber Ridge building that is operational and open to residents.
Lion’s Ridge now consists of four three-story buildings with one- and two-bedroom units. Each of the 30 one-bedroom units qualifies under the 90 percent AMI rent limits of Eagle County and is available exclusively to residents who work at least 30 hours per week within the area.
Situated on 5.2 acres of land just off Interstate 70, the property is centrally located in Vail. Local amenities include the adjacent post office, grocery options such as City Market and Safeway, several restaurants and coffee shops, a child care center, and a Holiday Inn.
The newly-constructed property features luxury finishes and amenities, including large windows, mountain views in all directions, nine-foot ceilings, private balconies and patios, individual heating, and in-unit washers and dryers. Residents also enjoy a park and play area and convenient access to the local walking and biking trail.
W&D’s Justin Nelson arranged the loan. The transaction was structured with an atypical eight-year, fixed-rate term. Loan details also include customized prepayment flexibility, allowing the Borrower to exercise an option to purchase the ground lease from the Town.
|
|
Return to the Archive page
|
|
|
|
|