Developers have secured key financing to develop 150 units of affordable housing in Gypsum, Colo.
Bellwether Enterprise Real Estate Capital, the commercial and multifamily mortgage banking subsidiary of Enterprise Community Investment, recently announced the financial closing of a $20.6 million Fannie Mae loan to create the first phase of Spring Creek Apartments.
“Despite business and population growth in the Vail Valley, the area has seen very little new apartment construction over the past decade, making Spring Creek Apartments a particularly valuable addition to the community,” said Ned Huffman, president of Bellwether Enterprise.
This first phase will include 150 one-, two-, and three-bedroom apartments available to residents earning between 30% and 60% of the area median income. Construction is underway and slated for completion in summer 2020.
Once fully developed, the Spring Creek community will feature 461 apartments, townhouses, duplexes, and single-family homes. A clubhouse and park facility will include a leasing office, a community room, and business and fitness centers. The complex will also include community gardens and walking trails to connect residents with the Eagle County multiuse trail system. Amenities will be available to town residents as well.
Anthea Martin, senior vice president of Bellwether Enterprise in the Denver office, arranged the 24-month forward period followed by a 15-year Fannie Mae M.TEB loan on behalf of the borrowers and co-developers, Gerry Flynn and Jeff Spanel. A fixed rate of 3.3% was secured for the transaction.
Additional funding for Spring Creek Apartments included $500,000 in subordinate debt and property tax exemption from the Eagle County Housing Authority, $1.1 million in subordinate debt from the Colorado Division of Housing, and 4% low-income housing tax credits provided by the Colorado Housing and Finance Authority. The construction lender is FirstBank, a Colorado regional bank; the tax credit syndicator is Riverside Capital; the modular builder for the project is Nashua Builders; and Polar Star Properties will be the management company.
