Builders Capital Lends $63M for Colorado Townhome Development

A joint venture involving RAL Development Services, KZ Capital and Latitude Investment Partners has sealed $63 million of construction financing to build the first phase of its planned townhome development in Colorado, Commercial Observer has learned.

Builders Capital provided the loan for sponsorship’s entity called Steamboat Meadows, which is building a 78-townhome project in Steamboat Springs, Colo. 

Newmark arranged the transaction with a team consisting of Jordan Roeschlaub, Jonathan Firestone, Nick Scribani and Tim Polglase. 

Located near Steamboat ski resort, the Roan Steamboat Springs project will be built on the last undeveloped parcel within the Wildhorse Meadows subdivision of Steamboat Springs, according to Newmark. The townhomes will range from three to five bedrooms with the three-bedroom floorplans initially priced at $3.6 million and four-bedroom layouts on the market for $4.25 million, according to Newmark. 

 “Roan addresses a significant market gap for turnkey luxury townhomes, and we are pleased to be one step closer to delivery,” Stuart Taft, managing partner at RAL Companies, said in a statement. “Steamboat is one of America’s leading ski destinations filled with natural beauty and a coveted year-round community.” 

Nemark noted that the Roan Steamboat Springs project is well positioned for success given the lack of townhomes in the area coupled with residential sales in the community displaying a 10 percent average annual growth over the past decade. 

Officials at Builders Capital, KZ Capital and Latitude Investment did not immediately return requests for comment.

Andrew Coen can be reached at acoen@commercialobserver.com