Workforce Housing Development Loan - Gypsum, CO

GYPSUM, CO - PlattPointe Capital arranged a second infrastructure loan for $38,000,000 secured by a 170-acre property in Gypsum, CO to be used by Siena Lake, LLC to begin work on Phase IA of one of the largest workforce housing projects in Eagle County. This four-phase project will begin with 591 for-sale units followed by an additional 180 for-rent units, with a total project size in excess of $400,000,000. This multi-phase development will bring much needed attainable housing, hospitality, and additional retail to the region. PlattPointe has been working with the existing ownership to help structure the financing for each Phase of the project.

Loan Terms:
• $38,000,000 Loan Amount
• 18-month Term
• Market Rate
• Non-Recourse

Transaction Highlights
Originally, the loan was under application with a lender unable to perform due to COVID-19 related issues. The Siena Lake project needed a capital provider who understood the region and opportunity. Fortunately, PlattPointe Capital has a direct relationship with a well-capitalized private debt fund who was able to close quickly with a creative structure that maximized proceeds.

This new community, Siena Lake, will be located on the former Saddle Ridge PUD comprising 170 acres. A first mortgage deed of trust will be placed on the land collateral which is located along Cooley Mesa Road just southeast of the Eagle County Regional Airport in Gypsum, Colorado. The property is fully entitled for 771 residential units and a 100-key hotel, and is located near a prominent retail node, close to several major employment centers, and with convenient access to I-70.

Gypsum is a fast-growing town in the Eagle Valley area and resort region of Eagle County near prominent ski areas such as Vail and Beaver Creek. Gypsum’s multifamily inventory is limited, with few conventional multifamily communities that include upscale unit finishes or extensive amenities. In response to increased renter demand, four communities have been delivered since 2018.

About PlattPointe
PlattPointe Capital LLC is a boutique commercial real estate capital advisory firm that helps developers and investors navigate the capital markets by arranging optimal alternative debt and equity options for a client’s project. Our vision is to engineer the most efficient capital stack based on the constraints of a given project and sponsor’s needs.

More information can be found at www.plattpointe.com.

For any inquiries nationwide, please contact:
Jason Aubrey | 303.598.3876 | jason@plattpointe.com
Creighton Bildstein | 303.589.4258 | creighton@plattpointe.com
Matthew Biegner | 720.470.7706 | matt@plattpointe.com