CBRE Arranges $24M Colorado Affordable Asset Refi
- Jul 10, 2020
CBRE Capital Markets has arranged the $23.5 million refinancing of Middle Creek Village, a 142-unit income-restricted community in Vail, Colo. Working on behalf of Coughlin & Co., Brady O’Donnell and Jill Haug of the firm’s Debt & Structured Finance team secured the fixed-rate, Fannie Mae financing that is set to mature in 2050.
Coughlin & Co. developed the three-building property at 145 N. Frontage Road W. and has owned it since its completion in 2004. Middle Creek Village has studio, one-, two- and three-bedroom floorplans ranging from 395 to 945 square feet. Amenities include a business center, covered parking and an on-site shuttle stop. According to CBRE, the community has been constantly fully occupied.
Situated near Interstate 70, the property is less than one mile from the city center and its points of interest that include shops, restaurants and tourist attractions. Vail Health Hospital is also nearby.
In August, O’Donnell and Haug were part of the CBRE team arranging the acquisition financing for a 288-unit community heated and cooled by geothermal energy in Brighton, Colo. Summit Management Services paid $72 million for the Class A property.