Hunt Real Estate Provides Financing for CO Affordable Project
The firm facilitated a $34.4 million loan for the construction of The Village of Wintergreen, a planned 156-unit property in Keystone, in the Rocky Mountain region.
The Village of Wintergreen, an upcoming 156-unit workforce housing project in Keystone, Colo., has broken ground after Hunt Real Estate Capital provided a $34.4 million Freddie Mac loan to finance the construction. According to milehighcre.com, the project is a collaboration between Vail Resorts and Gorman & Co.
Located at 21771 U.S. Highway 6, The Village of Wintergreen will be in southeastern Summit County, with easy access to resorts in the Rocky Mountain region. The property will feature a combination of one- and two-bedroom units, with 120 workforce housing apartments and 36 units of seasonal housing. Amenities will include a dog park, playground and a community garden.
“The workforce housing is set aside in the area for individuals who are working year-round in Summit County as housing supply is in dire short supply and constantly being reduced. Due to high construction costs and the recent growth of AirBnB and VRBO, affordable housing has become more of a crisis in an already burdened community,” said Hunt Real Estate Capital Director Tim Hoppin, in prepared remarks.
The 15-year fixed rate cash loan has a 30-year amortization schedule after a 12-month interest only period. Gorman & Co. is the borrower. Construction is scheduled for completion in June 2020. Most recently, Hunt Real Estate Capital also originated funding through Freddie Mac for a Seattle-area asset.
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