January 28, 2021

771 Modular Workforce Housing Units in Eagle County serving Vail and Beaver Creek

Gypsum, CO - PlattPointe Capital funded a $10,000,000 loan secured by a 170-acre property in Gypsum, CO to be used by PG Development to begin work on Phase I of one of the largest workforce housing projects in Eagle County. This four-phase project will begin with 591 for-sale units followed by an additional 180 for-rent units, with a total project size in excess of $400,000,000. This multiphase development will bring much needed attainable housing, hospitality, and additional retail to the region.

The Siena Lake Planned Unit Development is located along the south side of Cooley Mesa Road, just southeast of the Eagle County Regional Airport. PlattPointe was referred to the exiting ownership through a Denver based real estate attorney and ultimately was engaged to help structure the full capital stack and build out a new incoming sponsorship team. PlattPointe was able to close the debt financing quickly with a Colorado family office lender to help the sponsorship meet strict deadlines related to seasonal construction in the mountains.

Jake Porritt of PG Development said, “Our team is focused on using modular construction to create attainable housing communities both for-rent and for-sale. We are excited for this project to be the first of many in Colorado along the I-70 Corridor. Moving forward, PlattPointe Capital, Vesta Modular, and PG Development aim to be the industry leaders for these types of developments.” Since the closing, many national real estate-centric groups have engaged PlattPointe with newfound interest in providing capital for workforce housing along I-70. Some of the details of this loan are as follows:

Phase I Loan Terms:

  • $10,000,000 loan amount

  • 18-month, interest-only loan

  • Non-recourse

  • Market rate

Transaction Highlights

Originally, the loan was under application with a lender unable to perform due to COVID-19 related issues. The Siena Lake project needed a local debt capital provider who understood the region and opportunity. Fortunately, PlattPointe Capital has a direct relationship with a well-capitalized family office who were able to close quickly with a creative structure that maximized proceeds. The team completely underwrote and closed the loan inside the COVID-19 crisis.

This new community will be located on the former north resort area of the former Saddle Ridge PUD comprising 170 acres. A first mortgage will be placed on the land located along Cooley Mesa Road just southeast of the Eagle County Regional Airport in Gypsum, Colorado. The property is fully entitled for 771 residential units and a 100-key hotel, and is located near a prominent retail node, close to several major employment centers, and with convenient access to I-70.

Gypsum is a fast-growing town in the Eagle Valley area and resort region of Eagle County near prominent ski areas such as Vail and Beaver Creek. Gypsum’s multifamily inventory is limited, with few conventional multifamily communities that include upscale unit finishes or extensive amenities. In response to increased renter demand, four communities have been delivered since 2018.

A joint venture partnership has been formed to re-create this type of transaction throughout Colorado. PG Development, Vesta Modular, and PlattPointe Capital will be searching for additional attainable housing projects that can use modular construction. Porritt also said, “We couldn’t be more impressed working with PlattPointe Capital, and our partnership with them and Vesta Modular is off to a great start.”

About PlattPointe

PlattPointe Capital LLC is a boutique commercial real estate capital advisory firm that helps developers and investors navigate the capital markets by arranging optimal alternative debt and equity options for a client’s project. Our vision is to engineer the most efficient capital stack based on the constraints of a given project and sponsor’s needs.

More information can be found at

For any inquiries nationwide, please contact capital markets advisor: Matthew Biegner // 720.470.7706 //

Featured Posts
Recent Posts
Search By Tags
Follow Us
  • PlattPointe Facebook
  • Facebook Twitter
  • PlattPointe LinkedIn
  • PlattPointe Google+
PlattPointe Capital Denver, CO
  • PlattPointe Facebook
  • PlattPointe Twitter
  • PlattPointe LinkedIn
  • PlattPointe Google+

© 2021 PlattPointe Capital LLC

©© Copyright

This Website is not intended to solicit commercial mortgage brokerage business in AZ, CA, CT, HI, IL, IN, LA, MI, MN, MT, NV, NJ, NY, NC, ND, PA, RI, SD, UT. The sole purpose of this Website is to provide information which could possibly be used by a person or entity to obtain business and commercial financing and does not function as a substitute for the advice of an investment advisor or attorney. You should consult with your own trusted financial professionals before making any investment decisions. Click here for further regulatory disclosures.