Six-Building Multifamily Project Planned for Basalt, Colorado
Development firms Lang Partners and Realty Capital Residential have secured $54.5 million in financing for the construction of Tree Farm Lofts, a 196-unit, six-building multi-housing community in Basalt, Colorado.
With a completion date of July 2024, the property will be wood-framed construction on a concrete post-tension slab foundation consisting of six buildings. The building mix will include two-, three- and four-story structures mixed throughout the development with all three- and four-story buildings served by elevators and three buildings, providing sub-grade parking. Community amenities will feature a clubhouse, ground floor retail, a leasing office, 1,900 square feet of co-working space, a fully-equipped fitness center, resort-style pool and spa, multiple amenity decks with fire pits, bike, kayak, and ski storage, and other first-class amenities.
Located at 5 Tree Farm Dr., Tree Farm Lofts is ideally situated along Highway 82 between Glenwood Springs and Aspen providing incredible access to the key economic demand drivers of the Roaring Fork Valley. Access to employment and endless recreational attractions are accessible via the Roaring Fork Transportation Authority bus line.
JLL Capital Markets worked on behalf of the development team to secure a four-year, floating-rate, construction loan with a one-year extension. The lender, a regional bank, facilitated the loan. The debt placement team representing the borrower was led by Senior Managing Directors Eric Tupler, Leon McBroom and Brian Carlton.
“After following the progress of the Tree Farm mixed-use development for multiple years, we are excited to bring additional housing to the Roaring Fork Valley through the construction of Tree Farm Lofts,” said Richard Myers, managing director of Realty Capital Residential.
“The location of the development is unmatched, and entitlements for a housing project of this size is extremely rare,” said Alexander Brown, president of Realty Capital Residential. “Tree Farm Lofts will be a landmark development within the Roaring Fork Valley for years to come.”