CO’s Spring Creek Village Developers Secure $21M Loan

Developers Gerry Flynn and Jeff Spanel secured a $20.6 million Fannie Mae loan to build the first phase of Spring Creek Village, an affordable multifamily project in Gypsum, CO. Anthea Martin with Bellwether Enterprise LLC secured the 3.3% fixed-rate financing for the property at 750 Sunny Ave.

Additional funding included Eagle County Housing Authority’s $500,000 in subordinate debt and property tax exemption; the State of Colorado Division of Housing’s $1,100,000 in subordinate debt and 4% LHTC provided by the Colorado Housing and Finance Authority. FirstBank is the construction lender, Riverside Capital is the tax credit syndicator.

Spring Creek’s 150-unit first phase, scheduled for a summer 2020 completion, will offer a mix of one, two and three-bedroom units for residents earning between 30% and 60% of the area median income. Upon buildout, Spring Creek will consist of 461 apartments, townhomes, duplexes and single-family homes, with amenities including a leasing office, community room, and business and fitness center.

For comments, questions or concerns, please contact Amy Sorter