Greystone Provides $ 25 Million In HUD-Assured Construction Funding For Workforce Housing In Colorado
NEW YORK, August 25, 2021 (GLOBE NEWSWIRE) – Gray stone, a leading national commercial real estate finance company, provided a total of $ 24,952,000 in HUD-insured financing for the construction of a 100-unit multi-family community in Glenwood Springs, Colorado. The transaction was initiated by Kelley Klobetanz of Greystone on behalf of a joint venture between Triumph Development West, LLC and Four Points Funding LLC.
The development of Altitude apartments, located in a Qualified Opportunity Zone (OZ), is funded by a 40-year non-recourse construction-to-permanent HUD (d) (4) loan with a fixed interest rate of less than 3%. The completed project will be a six-building, three-story workforce housing community that offers breathtaking views of the scenic Roaring Fork Valley and is located adjacent to 27e Street Station which is the main hub of the Roaring Fork public transportation system serving Aspen, Basalt and Carbondale. The historic town of Glenwood Springs is a popular mountain recreation destination, located just below Glenwood Canyon at the confluence of the Roaring Fork and Colorado Rivers on the Western Slope of Colorado.
“This funding from Greystone allows our team to lock in 40 years of low rate fixed funding and focus on project completion and stabilization,” said Stephanie Copeland, partner at Four Points Funding, LLC. “Kelley and her knowledgeable team have opened an incredible fundraising path for us, and we are delighted to deliver this quality, achievable asset to the Glenwood Springs market by the first quarter of 2023.”
“It was a pleasure to work with the Triumph / Four Points team, and their driving mission to create quality workforce housing in a rapidly growing region is something to congratulate,” said said Ms. Klobetanz. “As always, Greystone’s industry-leading HUD platform is an excellent solution for securing permanent, long-term and fixed funding for multi-family investors.”
Greystone is a national private commercial real estate finance company with an established reputation as a leader in multi-family and healthcare finance, having been ranked among the top lenders by FHA, Fannie Mae and Freddie Mac in these sectors. Loans are offered by Greystone Servicing Company LLC, Greystone Funding Company LLC and / or other companies affiliated with Greystone. For more information visit www.greystone.com.
About Four Points Funding
Four Points Funding (4PF) is a privately held real estate investment firm with offices in Denver, CO and Steamboat Springs, CO. 4PF is a local investment firm focused on areas of opportunity in emerging Colorado communities. A majority of Four Points Funding’s investments are placed in multi-family housing developments. These developments respond to the immediate need for housing for the workforce in areas experiencing rapid economic and demographic growth. www.fourpointsfunding.com
About Triumph Development West
Triumph Development West is a real estate development company based in Vail, Colorado. The company develops residential, commercial and hotel projects in mountain communities in the western United States. These include the Residence Inn in Breckenridge, Colorado; the Coburn Crossing Apartments in Truckee, California; Willows Condominiums in Vail, Colorado; as well as several speculative and personalized houses throughout the Vail Valley. Triumph recently completed Chamonix Vail – a 32-unit townhouse 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, Colorado. Learn more about Triumph at www.triumphdev.com.
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