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Affordable Housing in Vail Valley Begins Construction

Modular builder Nashua Builders recently began construction on the first phase of Spring Creek Apartments, an affordable housing development being built in Gypsum, Colo., 25 miles west of Vail. Edwards-based Polar Star Development, doing business as Spring Creek Apartment LLC, is the developer and management company for the project.

This first phase will include 150 one-, two-, and three-bedroom apartments available to residents earning between 30 percent and 60 percent of the area median income. Once fully developed, the Spring Creek community will feature 461 apartments, townhouses, duplexes, and single-family homes. A clubhouse and park facility will include a leasing office, a community room, and business and fitness centers. The complex will also include community gardens and walking trails to connect residents with the Eagle County multiuse trail system. Amenities will be available to town residents as well.

Bellwether Enterprise Real Estate Capital arranged the $20.6 million Fannie Mae loan to finance the project that is slated for completion in summer 2020. Anthea Martin, senior vice president of Bellwether Enterprise in the Denver office, arranged the 24-month forward period followed by a 15-year Fannie Mae M.TEB loan on behalf of the borrowers and co-developers, Gerry Flynn and Jeff Spanel. A fixed rate of 3.3 percent was secured for the transaction.

“Despite business and population growth in the Vail Valley, the area has seen very little new apartment construction over the past decade, making Spring Creek Apartments a particularly valuable addition to the community,” said Ned Huffman, president of Bellwether Enterprise.

Additional funding for Spring Creek Apartments included $500,000 in subordinate debt and property tax exemption from the Eagle County Housing Authority, $1.1 million in subordinate debt from the Colorado Division of Housing, and 4 percent low-income housing tax credits provided by the Colorado Housing and Finance Authority.

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