Gorman Lands $22M Refi for CO Asset
- Oct 23, 2017
Gorman & Co. tapped Walker & Dunlop to secure a $21.8 million Fannie Mae refinance loan for Lion’s Ridge Apartment Homes, a 114-unit workforce housing community at the foot of Vail Ski Resort in Vail, Colo.
Lion’s Ridge utilizes a ground lease structure and is owned by a public/private partnership between Gorman and the Town of Vail. Senior Vice President Justin Nelson led the team in arranging an atypical eight-year, fixed-rate term loan. It also includes customized prepayment flexibility, allowing Gorman to exercise an option to purchase the ground lease from the town.
Located at 1265 N. Frontage Road West, Lion’s Ridge comprises one- and two-bedroom units ranging from 589 to 862 square feet, across four three-story buildings. Each of the 30 one-bedroom units qualifies under the 90 percent AMI rent limits of Eagle County and are available exclusively to residents who work at least 30 hours per week within the area. Interior features include large windows, mountain views, nine-foot ceilings, vinyl wood-plank flooring, ceiling fans, track lighting, private balcony/patios, washer/dryers and individual heating. Residents have access to amenities such as a park, play area and walking and biking trails.
The 5.2-acre community offers convenient access to Interstate 70, as well as local amenities such as a post office, restaurants, coffee shops, Holiday Inn, City Market and Safeway grocers and a child care center. Completed in 2016, the new development replaces a portion of Timber Ridge, originally a 102-unit apartment community in disrepair that was purchased by the town when its 20-year deed restriction for affordable housing neared expiration. The town made improvements to the property, then split it into two parcels, allowing for one side of the site to be redeveloped into Lion’s Ridge. The other side of the site is still host to a Timber Ridge building that is operational and open to residents.
Image courtesy of Walker & Dunlop