Urban Standard Capital Provides $27M Land Loan for 440-Unit Vail, Colo., Complex

Aptitude Development has secured $26.5 million in financing to acquire 53 acres of land that will be the site of Edwards River Park, a 440-unit residential community split between affordable apartments and for-sale townhouses and condominiums in Vail, Colo., Commercial Observer can first report. 

Seth Weissman’s Urban Standard Capital provided the financing, while BayBridge Real Estate Capital’s Jay Miller arranged the transaction. 

Jared Hutter, CEO of Aptitude Development, said in a statement that the financing deal with Urban Standard Capital required four years to complete and described the lender as “a truly nimble capital partner exactly when we needed it.”

Located in Vail Valley 4 miles from the famous Beaver Creek Resort and 10 miles from the 5,300-acre Vail Ski Resort, the land for what will be Edwards River Park received entitlement approval for development from the Eagle County commissioners in July 2025, with the first phase of construction expected to begin within 12 to 18 months.

The final asset will be split between 276 rental apartments, with some of these units price-capped, and 164 for-sale homes, sold as either townhouses or condominiums, with some resident-occupied, deed-restricted entities and others sold as market-rate. 

Charlie Brosens, partner at Urban Standard Capital, said in a statement that the new asset addresses “an acute need for workforce housing in supply-constrained mountain town economies.” 

Eagle County currently has a workforce housing gap that is expected to grow by 58 percent by 2035, according to the firm.  

In recent years, Urban Standard has financed residential developments in Aspen and Telluride, Colo.; Park City, Utah; Jackson, Calif.; Driggs, Idaho; and Lake Tahoe, Nev.

“These are some of the most supply-constrained, capital-intensive housing markets in the country, and sponsors need a lending partner who understands the entitlement complexity and demand fundamentals unique to resort-adjacent communities,” said Jake Simpson, senior associate of Urban Standard Capital. 

Brian Pascus can be reached at bpascus@commercialobserver.com.