Cohen Provides Financing for 324-Acre Mixed-Use Development

GYPSUM, CO-New Port Beach-based Cohen Financial recently secured $14 million in debt financing for the acquisition of several parcels of land and to start the first phase of Windwalker Residential and Golf Course Development in the historic Town of Gypsum in the western portion of Eagle County.

Windwalker is a 324-acre, fully entitled, proposed mixed-use, residential golf course community. It will include an 18-hole championship signature Casey O'Callaghan Golf Course, 120 luxury log residences, 102 condominium-style lodge units, 30 condominium units, 300,000 sf of commercial development and a 22,000-sf clubhouse and other related facilities. The site also allows for a 120-room conference center, hotel and 24 employee rental units.

Terms of the interest only, 18-month loan include 70% loan-to-cost ratio, and pricing based on the US prime rate. The lender was a finance company. "This transaction had several moving parts, including the assemblage of nine parcels exceeding 324-acres, metro district bond financing, water rights, entitlement issues and five different asset classes," says William Nicoloff, a director in Cohen Financial's Newport Beach office, who originated the transaction. "Cohen Financial worked with the lender to keep the process moving as these issues were resolved so that our client could close according to timeline established for the project."

Cohen Financial is a national real estate finance company offering a wide range of products and services, which include debt and equity placement, investment brokerage and loan servicing. The company is one of the nation's largest originators of commercial real estate loans, with more than $3.8 billion in transactions annually and more than $4.5 billion in loan servicing. The company has also provided financial advisory services on more than $1 billion of assets.