Workforce Housing Project Planned for Glenwood Springs
Greystone, a national commercial real estate finance company, has provided a total of $24,952,000 in HUD-insured financing for the construction of a 100-unit multifamily community in Glenwood Springs, on behalf of a joint venture between Triumph Development West, LLC and Four Points Funding LLC.
When complete, Altitude Apartments will be a six-building, three-story workforce housing community that offers sweeping views of the picturesque Roaring Fork Valley and is located adjacent to the city’s 27th Street Station which is the primary node for the Roaring Fork public transportation system servicing Aspen, Basalt, and Carbondale. Located in a qualified opportunity zone (OZ), the development is financed with a non-recourse 40-year HUD (d)(4) construction-to-permanent loan with a fixed, sub-3% interest rate.
“This financing from Greystone enables our team to lock in 40 years of low-rate, fixed financing and focus on the completion of the project and stabilization,” said Stephanie Copeland, partner at Four Points Funding, LLC. “Kelley and her knowledgeable team have opened up an incredible avenue of financing to us, and we are so thrilled to deliver this attainable and quality asset to the Glenwood Springs market by Q1 2023.”
“The Triumph/Four Points team was such a pleasure to work with, and their driving mission of creating quality workforce housing to an area that’s experiencing rapid growth is something to be commended,” said Ms. Klobetanz. “As always, Greystone’s industry-leading HUD platform is an excellent solution to ensure permanent, long-term and fixed financing for multifamily investors.”
Triumph Development West is a real estate development company based in Vail. The company develops residential, commercial and hospitality projects in mountain communities throughout the western United States. These include the Residence Inn in Breckenridge, Colo.; the Coburn Crossing Apartments in Truckee, Calif.; the Willows Condominiums in Vail, Colo.; as well as several speculative and custom homes throughout the Vail Valley. Triumph recently completed Chamonix Vail – a 32 unit townhome community for residents of Eagle County – in partnership with the Town of Vail. Triumph is also under construction with The Eddy – an apartment and hospitality community on the Colorado River in Grand Junction.
Four Points Funding (4PF) is a private real estate investment firm with offices in Denver and Steamboat Springs. 4PF is a place-based investment firm focused on Opportunity Zones in Colorado’s emerging communities. A majority of Four Points Funding’s investments are placed in workforce multifamily housing developments. These developments provide for the immediate need for workforce housing in areas experiencing rapid economic and populations growth.