July 13, 2020
Denver-based Coughlin & Company secured a $23.52-million loan to refinance Middle Creek Village, a 142-unit multifamily property in Vail, CO. The asset is a deed restricted affordable housing community at 145 Frontage Road West just across from downtown that requires residents to be employed within Eagle County.
Coughlin & Company developed the three-building property, which has been consistently fully occupied, and has owned it since its completion in 2004. Middle Creek Village is located on a ground lease with the Town of Vail with 35 years remaining on the term. The property’s buildings range from three to eight stories tall, all of which are within walking distance to Vail Village. Community amenities include covered parking, rentable storage units, a business center with free internet and an on-site shuttle stop.
CBRE’s Brady O’Donnell and Jill Haug arranged the loan from lender Fannie Mae on behalf of the borrower. The loan is a 30-year, fixed-rate fully amortizing loan.
For comments, questions or concerns, please contact Dennis Kaiser