Mixed-Use Boulder Project Lands Financing
The Williams Village II redevelopment will feature about 600 units, including homes for students at the University of Colorado at Boulder.

The developers of a 10-acre, mixed-use redevelopment project that would bring some 600 units of housing to Boulder, Colo., including student housing, have received a $56 million loan from Seattle-based bridge lender Avatar Financial Group.
The Williams Family and Morgan Creek Ventures, both Boulder-based companies, are the developers of the 10-acre site at 2952 Baseline Rd. Coburn Architecture, also located in Boulder, is the project’s architect.
The two-year loan will enable the developers to buy out two remaining ground leases and get the site, known as Williams Village II, fully entitled for redevelopment. All entitlements and final site plans are expected to be completed and approved by the City of Boulder by later this year.
The first phase of the three-year development will deliver the student housing component, which calls for about 300 units. Phase 2 will include market-rate multifamily housing, retail and parking. At full buildout, there will be more than six buildings including the multifamily and student housing components, 90,000 square feet of retail space and restaurants, public parks, plazas and open spaces.
Located near the University of Colorado campus, the infill project calls for transforming an aging strip retail center and parking lot into a vibrant, mixed-use neighborhood. The project has been in the planning stages for several years.
During public hearings last year residents voiced concerns about the possible loss of the Sprouts grocery store and an iconic watering hole, the Dark Horse Bar & Grill, which is celebrating its 50th anniversary this year. The Williams Family has since said it plans to allow new spaces for the grocery store and the bar to relocate within the redevelopment.
The project will feature a pedestrian-friendly design and sustainable features including all-electric buildings to meet Boulder’s energy and climate goals.
Avatar increased loan capacity
Founded in 2003, Avatar is a national bridge lender specializing in commercial real estate. T.R. Hazelrigg IV, Avatar’s president, said in prepared remarks that borrowers with large, transitional and often complex projects like Williams Village II are increasingly turning to private capital for the flexibility and speed they need. The Boulder transaction is one of the first larger transactions Avatar has closed since increasing its maximum loan size to $100 million to meet market needs and trends.
The firm’s principals have completed more than $1 billion in bridge loans funding collectively. In 2021, the company launched Avatar Commercial Mortgage REIT LLC, a mortgage fund with a REIT structure.