CBRE Arranges $23.52 Million in Financing for 142-Unit Affordable Housing Community in the Heart of Vail, Colorado
09 Jul 2020
CBRE Capital Markets’ Debt & Structured Finance group has arranged the refinancing of Middle Creek Village, a 142-unit multifamily property located at 145 Frontage Road West just across from downtown Vail, Colo. Brady O’Donnell and Jill Haug of CBRE’s Denver office arranged the $23.52 million loan from lender Fannie Mae on behalf of the borrower, Coughlin & Company, in a transaction that closed July 1. The loan is a 30-year, fixed-rate fully amortizing loan.
“Whereas most workforce housing supporting the Vail Valley is located miles away, Middle Creek Village provides rare affordable living in the heart of Vail. In the midst of a global pandemic, the cooperation from the Town of Vail and Fannie Mae's commitment to get the deal done enabled a smooth closing. Fannie Mae and Freddie Mac are providing much-needed liquidity to the market during unprecedented market volatility. We continue to see both agency lenders provide historically low interest rates to borrowers who can take advantage of refinancing or acquiring assets in this market,” said Brady O’Donnell, Vice Chairman, CBRE Capital Markets.
Middle Creek Village is a deed restricted affordable housing community that requires residents to be employed within Eagle County. Coughlin & Company developed the three-building property, which has been consistently fully occupied, and has owned it sinceits completion in 2004.
“Middle Creek Village is an integral part of the Vail community. The 300+ residents who live at Middle Creek Village each year form the backbone of Vail’s workforce, supporting dozens of small businesses and providing guests from around the world an unforgettable experience. Housing in Vail is economic development, plain and simple,” said Mike Coughlin, Executive Vice President of Coughlin & Company.
Middle Creek Village is located on a ground lease with the Town of Vail with 35 years remaining on the term. The property’s buildings range from three to eight stories tall, all of which are within walking distance to Vail Village. Community amenities include covered parking, rentable storage units, a business center with free internet and an on-site shuttle stop.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.