Leading developers of affordable multifamily complexes, Brinshore Development and Mile High Development, recently received $117.7 million in funding from KeyBank Community Development Lending and Investment (CDLI) for the building of two sites in Colorado.
Ralston Gardens Apartments, a 102-unit family project in Arvada, will serve low-income families at 30%, 50%, 60%, and 70% of the Area Median Income (AMI) thanks to $56.9 million in funding from CDLI. 66 one-bedroom, 32 two-bedroom and four three-bedroom apartments will be housed in the structure. Through the Fannie Mae MTEB Programme, KeyBank is arranging construction finance with a $26.7 construction loan. Furthermore, it is arranging a $14 million permanent loan. Additionally, KeyBank contributes $16.2 million in total tax credit equity.
Also Read:Â Construction breaks ground on The Hunter, Colorado Springs multifamily development
The Colorado Department of Local Affairs (CDOH) granted a $4.3 million Housing Development Grant (HDG) loan. Additionally, they provided further assistance and engagement for Ralston Garden Apartments. It is situated near transit hubs, shops, parks, and neighbourhood schools. The 129-unit Northfield Flats project in Denver will have 42 one-bedroom, 83 two-bedroom, and four three-bedroom units. That project received financing from CDLI totalling $60.7 million.
More on the Brinshore Development and Mile High Development Colorado projects
Families making no more than 30%, 50%, 60%, 70%, and 80% of the AMI will be allowed to purchase any of the available units. Through the Fannie Mae MTEB Programme, KeyBank is arranging construction finance with a $28.2 construction loan and a $14.8 million permanent loan. Additionally, KeyBank contributes $17.7 million in total tax credit equity. The Colorado Department of Local Affairs (CDOH) loaned the project $3.1 million from the Housing Trust Fund (HTF), and the Denver Department of Housing Stability (HOST) loaned the project $4.5 million.
Northfield Flats is conveniently situated in the Northfield retail complex in Central Park. It is Denver’s best mixed-use master-planned development. The Shops at Northfield, a centre for shopping, entertainment, and dining, is situated just next to the property.
