Northlight Capital Partners, a middle-market real estate credit specialist and fund manager, announced it has originated a $56 million loan to fund the acquisition, horizontal development and infrastructure of 134 acres of residential and commercial land in Steamboat Springs, Colorado.
This loan is being provided to an experienced land developer with extensive experience in resort land development. Located within the town limits of Steamboat Springs and contiguous to the private Steamboat Springs Airport (Bob Adams Field), the property lies near the center of town and the Steamboat ski resorts. The developer anticipates developing single-family homes and multifamily units on the site, with additional potential commercial options, including a boutique hotel and private hangers for the adjacent airport.
Northlight Capital Partners manages capital on behalf of various institutional, endowment, and family office clients. And since 2011, NCP has worked and advised on investment vehicles totaling more than $600 million of capital, originating special situation debt and preferred equity and acquiring sub and non-performing loans.
KEY QUOTE:
“This transaction represents our fourth development investment in Colorado since 2020 and our first in Steamboat Springs. We are particularly enthusiastic about the prospects for this site given its infill location and proximity to everything Steamboat has to offer. Furthermore, we are excited to partner with the best-in-class land developer in this market on an outstanding investment opportunity.”
- Chris DeStefano, Chief Investment Officer of Northlight Capital Partners
