Baseline Secures $26M Loan for Colorado Property
Baseline has secured a $26 million acquisition loan on its $40 million purchase of Casteel Creek, a massive 450-acre Colorado estate near Vail with two shooting ranges, its own ice cream parlor, Old Western town and recreation Coyote Lodge.
The loan was negotiated by USC’s Founder/President Seth Weissman and Vice President Charles Brosens.
According to Baseline’s Co-founders Stephen Lobell and Brock Nicholas, the main properties will be used as hospitality for short term rentals with a plan to sell the additional developable land as home lots for a combined $45 to $50 million. The buyers plan to maintain the Coyote Lodge as an amenity for the new homes built on the property, while the main house will be for their own personal use as well as for corporate retreats and occasional short-term rentals. The Old West details, which Nicholas described as “dynamite,” will also remain.
The estate was purchased from Cabletron’s co-founder Robert Levine who recently cut the $80 million selling price to $42 million for the 30,000 square-foot glass and stone home with eight bedrooms, 10 full baths and six powder rooms. The property, that borders two million acres of national forest land, also features the 28,000 square foot Coyote Lodge with climbing walls, indoor pool, children’s playground, shooting range, game room and spa with cold plunge pool, jacuzzi with grotto and exercise facility. The property features an ice cream parlor, and a small Western town, complete with sheriff’s office, gas station and Western-themed saloon, modeled after the Silver Dollar Saloon in Jackson Hole, Wyoming.
The loan was provided by Urban Standard Capital, an active player in the luxury residential space with over $200 million in loans in that asset class alone in the last 12 months with a specific focus on markets like Hamptons, Miami and Palm Beach. Malia Cox Nobrega and Barbara Gardner Scrivens of LIV Sotheby’s International Realty represented both the buyer and the seller of the property.
