Bank OZK Lends $73M on Apartments Near Colorado’s Vail Ski Resort
By Andrew Coen October 7, 2024 3:47 pm
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A joint venture between Prime West and Columnar Investments has landed $73 million in construction financing to build a multifamily project in Colorado near the Vail ski resort.
Bank OZK (OZK) provided the loan on the sponsorship’s planned Traer Creek Apartments project in Avon, Colo., slated for completion in 2026. JLL (JLL) arranged the deal and announced it Monday.
A JLL Capital Markets team led by Leon McBroom and Will Haass negotiated the debt.
Located at 5471 East Beaver Creek Boulevard, nine miles from Vail, Traer Creek Apartments will consist of 226 units ranging from studios to three-bedrooms. Community amenities will include a fitness center, outdoor spa and pool.
“The overwhelming demand for housing and limited supply in the Vail Valley only reinforces our belief in the success of this project,” McBroom said in a statement. “The lending community also agreed with this thesis, and we were able to create a deep and competitive market as a result.”
The Traer Creek Apartments project has been in the works since the late 2010s and is the first major development for Avon in more than a decade, Vail Daily previously reported. The site of the development had been vacant for the past two decades.
Prime West and Columnar Investments did not immediately return requests for comment. Bank OZK declined to comment.
Andrew Coen can be reached at acoen@commercialobserver.com
