Urban Standard Capital Lends $26M on Colorado Rental Estate
Baseline, a Florida-based real estate investment firm, has secured a $26 million acquisition loan as part of its $40 million purchase of Casteel Creek, an estate up for rent in Colorado, Commercial Observer can first report.
Urban Standard Capital provided the $26 million loan with a team led by Seth Weissman and Charles Brosens. The sponsor paid the rest with equity.
“We focus on properties with unique attributes that are defensible in a down market,” said Weissman. “Casteel Creek is a really special property, not only in terms of its location but also the quality of the construction and the build-out.”
Located at 2400 Casteel Creek Road, the 250-acre estate near Vail has eight bedrooms, 10 full baths and six powder rooms, two shooting ranges, its own ice cream parlor, an Old West town and a recreation building called Coyote Lodge. The sponsors plan to maintain the Coyote Lodge as an amenity for the new homes built on the property, while the main house will be for Baseline’s own use as well as for corporate retreats and occasional short-term rentals, according to a release.
The estate was purchased from Cabletron co-founder Robert Levine, who recently cut the $80 million asking price to $42 million for the 30,000-square-foot, glass-and-stone home, another luxury estate that took a hit in price during downtime.
Emily Fu can be reached at efu@commercialobserver.com.
