Colorado-Real-Estate-Journal_463660

June 4-17, 2025 - Page 25 www.crej.com Finance by Avalon Jacka EAGLE – A local affordable housing developer announced the closing of financing for a 120- unit housing community it pur- chased last year. Ulysses Development Group closed on the financing and the tax credit resyndication – or refi- nancingwith new tax credits – for Eagle Villas, located at 405 Nogal Road. UDG acquired Eagle Villas for $39 million in June 2024. Fully leased at the time of sale, the com- munity is home to households earning between 45% and 80% of the area median income. “Eagle Villas represents over half of the affordable housing in the town of Eagle,” said Blaise Rastello, UDG vice president of development and Colorado market leader. “By acquiring and recapitalizing this critical com- munity, UDG is taking a lead- ing role in preserving one of the town’s most limited and essential resources, affordable housing, in a highly desirable and rapidly changing market.” The financing recapitaliza- tion, which raises new capital for improvements and extends affordability, represents a collab- oration between state and local partners in the public and pri- vate sectors. JP Morgan Chase provided a $41.4 million con- struction loan and a $25.4 million permanent loan for Eagle Villas. National Equity Fund invested $22.9 million in equity in the proj- ect. Eagle County provided a $4 million loan. The Colorado Department of Local Affairs contributed $5 million in Trans- formational Housing Loan Funds and $3.4 million in HOME funds. “Making sure that our commu- nity’s working class continues to have a safe and affordable place to call home is a top priority for me at the Legislature and for so many leaders at the local level,” said state Sen. Dylan Roberts. “The first step in addressing this is preserving the affordable hous- ing we already have, so that’s why keeping the Eagle Villas affordable is tremendous news for Eagle County. I am grateful for the work of Eagle County, the town of Eagle, the Ulysses Development Group, and so many others that helped make this happen, and it was a privi- lege for me to make sure the state government was a key part- ner in this effort. Here’s to keep- ing people in their homes and to using this as a touchstone for more breakthroughs on afford- able and attainable housing in Eagle County and beyond in the near future.” Prior to UDG’s purchase, 100 of the units had affordability restric- tions that were set to expire at the end of 2024. The property was listed for sale as a market-rate conversion, which would have diminished the limited afford- able housing stock in Vail Valley. The recapitalization allows UDG to maintain affordability for the community for the next 60 years and to perform a $10 million rehabilitation. “Making housing in our com- munity more affordable is a top priority for me, and I’m excited that the Eagle Villas will remain affordable for Coloradans living in the high country,” said state Rep. Meghan Lukens. “I’d like to thank all the community lead- erswhomade this possible – your strategic planning and invest- ment in our community means more Coloradans can afford to live where they work and play. Additionally, the renovation plans inside the units and on the property will make the Eagle Vil- las a quality, affordable family community for Coloradans to call home for years to come.” The rehabilitation, which will include both interior and exte- rior improvements, is centered on sustainability, conservation and building longevity. Planned upgrades include renovating bathrooms, replacing kitchen appliances with Energy Star-rat- ed appliances, replacing flooring throughout units, improvements to the community clubhouse, new siding, new windows and a new roof. “The resyndication of Eagle Villas marks an important step in preserving quality, affordable housing for our community,” said Eagle County Housing and Development Authority Resil- iency Director Tori Franks. “We are proud to support efforts that ensure long-term stability for residents while reinvesting in the future of this vital property. Part- nerships like these strengthen our mission to provide safe, sustain- able housing options for all.” The 119,172-square-foot com- munity features two-, three- and four-bedroom units ranging from 874 to 1,200 sf, according to previ- ous reporting. Community ame- nities include a playground, laun- dry facilities, a community picnic area, easy access to public bike trails and an adjacent park. Units include fully equipped kitchens, walk-in closets, and balconies or patios with views of the sur- rounding valley. UDG develops, acquires and invests in affordable and work- force housing in five states and plans to build or preserve 1,300 more housing units by the end of 2026. The firm recently closed on its $33 million financing stack for Harvest Hill, a 152-unit, transit-oriented affordable hous- ing development in Broomfield, according to previous reporting. UDG expects to break ground on Harvest Hill this month. s UDG closes on tax credit resyndication for Eagle Villas First American Exchange is a Quali ed Intermediary and is precluded from giving tax or legal advice. Consult with your tax or legal advisor about your speci c circumstances. First American Exchange Company, LLC makes no express or implied warranty respecting the information presented and assumes no responsibility for errors or omissions. First American, the eagle logo, First American Exchange Company, an d rstam.com a re registered trademarks or trademarks of First American Financial Corporation and/or its af liates. ©2019 First American Financial Corporation and/or its af liates. All rights reserved. NYSE: FAF 800.833.4343 q www. rstexchange.com Looking to get the most out of your next 1031 exchange? We understand the real estate landscape is ever-changing,and so is your real estate portfolio. Through nancial strength, solid credentials and expert handling of your tax-deferred exchange, we help you reap the rewards of your investment. Steve Chacon, CPA CES® , Vice President 303.876.1161 | schacon@firstam.com Ulysses Development Group closed on the financing and the tax credit resyndication for Eagle Villas, which it acquired for $39 million last year.