HALL Structured Finance Originates $32.4M Loan for Construction of Multifamily Development in Durango, CO

DALLAS, TEXAS – August 13, 2025 – Dallas-based HALL Structured Finance (HSF) announced today that the company has closed on a first lien construction loan totaling $32.4 million in connection with the development of a new apartment project, Affinity at Three Springs, in Durango, Colorado. HSF partnered with Nuveen Green Capital who provided an additional $21.7 million in C-PACE financing. The borrower is Kingsbarn Capital & Development, the development arm of Kingsbarn Realty Capital (KRC).

Affinity at Three Springs will be a Class A, 162-unit, garden-style multifamily development. Construction started in July 2024 and the project is already 30% complete. The apartment is strategically located within the Three Springs master-planned community, which includes more than 2,000 residential units and 300,000 square feet of commercial space. Planned community amenities include a clubhouse, fitness center, BBQ and fire pits, a dog park and pet spa, and landscaped walking trails.

The development aims to meet increasing demand for high-quality housing in Durango, a city renowned for its year-round outdoor recreation, including hiking, mountain biking, skiing, and river rafting. In 2023, Visit Durango ranked the city as the #1 tourist destination in Colorado. The project is located adjacent to Mercy Regional Medical Center, where local employers have faced hiring and retention challenges due to a shortage of nearby housing. The project will help alleviate this pressure by delivering modern rental housing in close proximity to critical employment areas.

“We are proud to provide financing for Affinity, alongside our partner Nuveen Green Capital,” said Bryce Yamauchi, Vice President of HALL Structured Finance and the loan originator. “Durango is experiencing a growing need for housing, particularly near major employment centers such as Mercy Regional Medical Center. Kingsbarn has been a great partner throughout this process, and we look forward to seeing the completion of this project next year.”

The sponsor, Kingsbarn Realty Capital, is a real estate investment and development firm and a leading DST sponsor with over $2.4 billion in assets under management and a $2 billion development pipeline.

“Affinity addresses the urgent need for housing in the high-demand Durango market”, said Jared Wolff, Director of Capital Markets, “Supported by strong local fundamentals, a growing population, and limited housing supply, this project is well-positioned to deliver long-term, sustainable growth. We are grateful to HALL and Nuveen for their partnership and look forward to delivering new units to the community next year.”

Nuveen Green Capital is a national leader in sustainable commercial real estate financing solutions and provided an additional $21.7 million in C-PACE financing.

“The Affinity at Three Springs development reflects how sponsors are increasingly leveraging C-PACE to optimize capital stacks amid tightening credit markets,” said Cory Jubran, Senior Director of Originations at Nuveen Green Capital. “Our $21.7 million in C-PACE financing enhanced project feasibility by reducing reliance on traditional debt and unlocking long-term operational savings, while supporting Durango’s vision for high-quality housing and resilient community growth.”