Love Funding Closes $10.5 Million Construction Loan for Market-Rate Apartment Community in Pueblo, Colorado

||Love Funding Closes $10.5 Million Construction Loan for Market-Rate Apartment Community in Pueblo, Colorado

Outlook Ridge ApartmentsLove Funding, one of the nation’s leading providers of FHA multifamily and healthcare financing, announced the closing of a $10.5 million loan for the construction and permanent financing of Outlook Ridge, a market-rate apartment community in Pueblo, Colorado.
 
Love Funding Senior Director Peter Wessel of the Denver office secured the financing through the U.S. Department of Housing and Urban Development’s 221(d)(4) loan insurance program. The program provides non-recourse construction and permanent financing for new apartments or substantial rehabilitation of existing apartments.

The site, which is located in northern Pueblo, was purchased in several stages between 2000 and 2005. The project will offer 92 units in five walk-up, three-story apartment buildings. The mortgagor is Outlook Ridge Pueblo LLC, and N.E. Construction is the general contractor.
 
Outlook Ridge will contribute to an apartment revival that began in the Pueblo area near the turn of the century. Numerous apartment projects were developed throughout the city during the 1970s before the closure of a local steel mill and the 1980s regional economic downturn caused development to come to a halt.
 
For more information, contact Peter Wessel.

2012-11-15T18:58:59+00:00 Love Funding News|