Affordable Housing Community in Vail Refinanced
Middle creek Village, a 142-unit affordable housing community located in the heart of Vail, has been refinanced. CBRE arranged the $23.52 million financing on behalf of developer Coughlin & Company, in a transaction that closed July 1.
Located at 145 Frontage Road West just across from downtown Vail, Middle Creek Village is a deed restricted affordable housing community that requires residents to be employed within Eagle County. Coughlin & Company developed the three-building property, which has been consistently fully occupied and has owned it since its completion in 2004.
“Middle Creek Village is an integral part of the Vail community. The 300+ residents who live at Middle Creek Village each year form the backbone of Vail’s workforce, supporting dozens of small businesses and providing guests from around the world an unforgettable experience. Housing in Vail is economic development, plain and simple,” said Mike Coughlin, executive vice president of Coughlin & Company.
Middle Creek Village is located on a ground lease with the Town of Vail with 35 years remaining on the term. The property’s buildings range from three to eight stories tall, all of which are within walking distance to Vail Village. Community amenities include covered parking, rentable storage units, a business center with free internet and an on-site shuttle stop.
Brady O’Donnell and Jill Haug of CBRE’s Denver office arranged the 30-year, fixed-rate fully amortizing loan from lender Fannie Mae. The loan is a 30-year, fixed-rate fully amortizing loan.
“Whereas most workforce housing supporting the Vail Valley is located miles away, Middle Creek Village provides rare affordable living in the heart of Vail. In the midst of a global pandemic, the cooperation from the Town of Vail and Fannie Mae’s commitment to get the deal done enabled a smooth closing. Fannie Mae and Freddie Mac are providing much-needed liquidity to the market during unprecedented market volatility. We continue to see both agency lenders provide historically low interest rates to borrowers who can take advantage of refinancing or acquiring assets in this market,” said Brady O’Donnell, vice chairman, CBRE Capital Markets.
Photo courtesy of CBRE