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Gorman Lands $22M Refi for CO Asset

October 23, 2017

Gorman & Co. tapped Walker & Dunlop to secure a $21.8 million Fannie Mae refinance loan for Lion’s Ridge Apartment Homes, a 114-unit workforce housing community at the foot of Vail Ski Resort in Vail, Colo. Lion’s Ridge utilizes a ground lease structure and is owned by a public/private partnership between Gorman and the Town of Vail. Senior Vice President Justin Nelson led the team in arranging an atypical eight-year, fixed-rate term loan. It also includes customized prepayment flexibility, allowing Gorman to exercise an option to purchase the ground lease from the town.

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