Apartment Construction Financing in Colorado


Village-Oak-StreetLove Funding, one of the nation’s leading providers of FHA multifamily and healthcare financing, announced the closing of a $32.1 million construction-to-permanent loan for Village at Oak Street, a 244-unit market-rate apartment community in the Denver suburb of Lakewood, Colorado.
 
Love Funding Senior Director Peter Wessel of the Denver office secured the loan through the U.S. Department of Housing and Urban Development’s 221(d)(4) loan program. Utilizing the program will enable the property’s developer to lock in a low interest rate during the 20-month construction period and 40-year permanent loan term.

The project site is the former location of one of the first Target stores built in the United States, originally constructed in 1966. The original building, which was vacated by the retailer in 2005, will be replaced by seven three-story residential buildings, a clubhouse, maintenance building and five garage buildings.
 
Village at Oak Street will be the first transit-oriented development (TOD) project in the City of Lakewood, as it will be sited a quarter-mile from a new West Corridor light rail line, providing access to all of Denver’s primary employment centers and cultural attractions.
 
The development team is being led by Scott McFadden, who managed the Mountain States Division of Trammel Crow Residential before starting his own firm. The architect, Harsh Parikh, has extensive multifamily experience, particularly in the Denver area.
 
For more information, contact Peter Wessel at (303) 777-5016.

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