Hunt Real Estate Capital Finances the Construction of a Workforce/Affordable Multifamily Property Located in Keystone, Colorado
NEW YORK, Aug. 22, 2018 /PRNewswire/ -- Hunt Real Estate Capital, a leader in financing commercial real estate throughout the United States, announced today it provided a Freddie Mac Loan in the amount of $34.4 million to finance the construction of a workforce/affordable multifamily property located in Keystone, Colorado.
The Village of Wintergreen is planned as a 156-unit workforce housing project located at 21771 U.S. Highway 6. The property will be located in the heart of Keystone in Summit County and will be a mixed income, workforce housing community, offering a number of housing types to a variety of income levels. The unit types will include 120 workforce housing units and 36 units of seasonal housing. Construction will start in July 2018 with conversion projected for June 2020.
The loan is one of the first Freddie Mac non-LIHTC Forward Permanent Loans that are intended to facilitate the development of Workforce Housing that falls outside of the Low-Income Housing Tax Credit program. The loan is a 15-year fixed rate cash loan with a 30-year amortization schedule after a 12-month interest only period. The borrower is Gorman & Company, LLC.
"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," noted Tim Hoppin, Director at Hunt Real Estate Capital. "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."
The year-round workforce housing will be an important housing product for this market and is expected to attract a variety of renters including singles, roommates, couples, couples and a roommate, and families.
"The borrower is a seasoned owner-operator who has extensive experience developing and managing affordable and workforce housing units in the Rocky Mountain Region market, including a workforce housing project in nearby Vail," added Hoppin. "With over 80 community revitalization projects in their portfolio, we were pleased to support this successful developer with the financing needed to develop and bring online quality workforce housing in the local market."
There is strong demand for workforce and affordable housing in the market and The Village of Wintergreen benefits from its accessibility to numerous mountain resort areas, making it a highly marketable choice for permanent and seasonal workers in the area.
Proposed project amenities will include a community dog park, playground, community garden and extensive community open space with direct access to hiking trails. In addition, the property will be serviced by a ski area shuttle bus, which is a highly desirable trait in this market. The seasonal buildings will also include a common laundry room.
About Hunt Real Estate Capital
Hunt Real Estate Capital, part of Hunt Companies, Inc., is a leader in financing commercial real estate throughout the United States. The Company finances all types of commercial real estate: multifamily properties (including small balance), affordable housing, office, retail, manufactured housing, healthcare/senior living, industrial, and self-storage facilities. It offers Fannie Mae, Freddie Mac, FHA financing and its own Proprietary loan products. Since inception, the Company has structured more than $27 billion of loans and today maintains a servicing portfolio of more than $15 billion. Headquartered in New York City, Hunt Real Estate Capital has 241 professionals in 24 locations throughout the United States. To learn more, visit https://huntrealestatecapital.com/.
MEDIA CONTACTS
Brent Feigenbaum
Hunt Real Estate Capital
212-317-5730
Brent.Feigenbaum@huntcompanies.com
Pam Flores
773-218-9260
pamflo@ameritech.net
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SOURCE Hunt Real Estate Capital
