Greystone Provides $25 Million in HUD-Insured Construction Financing for Workforce Housing in Colorado
Greystone has provided a total of $24,952,000 in HUD-insured financing for the construction of a 100-unit multifamily community in Glenwood Springs, Colorado. The transaction was originated by Kelley Klobetanz of Greystone on behalf of a joint venture between Triumph Development West, LLC and Four Points Funding LLC.
The development of the Altitude Apartments, located in a qualified opportunity zone (OZ), is financed with a non-recourse 40-year HUD (d)(4) construction-to-permanent loan with a fixed, sub-3% interest rate. The finished project 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. The historic City 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 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.”