Hunt Real Estate Capital announced that it provided a conventional Freddie Mac multifamily loan in the amount of $5,237,000 to refinance a multifamily property located in Dillon, Colorado.
Dillon Ridge Apartments is 36-unit apartment complex that offers tenants two-bedroom units contained within three buildings. There are 30 AMI controlled units on-site and the property features 73 parking spots.
The borrower, Dillon Ridge Apartments, LLC, developed the property in 2018. The loan has a 10-year term that will amortize over 30 years.
“In addition to Dillion Ridge Apartments, the borrower currently owns and operates one other multifamily property – 725 Straight Creek Drive – a six-unit multifamily complex also located in Dillon,” commented Kevin Chadwick, Managing Director at Hunt Real Estate Capital. “In addition, the sponsor previously owned and managed two multifamily properties in Colorado. The borrower is a highly qualified local investor.”
Dillon, Colorado is located approximately 65 miles west of Denver in Summit County. The resorts of Breckenridge, Keystone, Copper Mountain and Arapahoe Basin are all located in Summit County, and the major employer that generates demand for the local residential communities is Vail Resorts. Vail Resorts operates 15 mountain resorts and three urban ski areas.
“The property was built in 2018 and is in excellent physical condition,” added Chadwick. “We were pleased to partner with this qualified sponsor on such a nice property to offer residents of Dillion solid opportunities for multifamily housing.”