Love Funding closed a $13.7 million loan for the construction and permanent financing of the second phase of Outlook Ridge, a market-rate multifamily community in Pueblo, Colorado. The new construction will consist of five three-story garden style buildings joining five similar apartment buildings constructed during the first phase of development in 2014. The new buildings will house one-, two- and three-bedroom apartments, and all 10 buildings will share high-end community amenities.
The financing was secured by Love Funding Senior Director Peter Wessel through the U.S. Department of Housing and Urban Development’s 221(d)(4) loan insurance program. Wessel previously secured HUD funding for the first phase of development.
N.E. Construction, LLP is leading the development, and the property will be designed by Godden Sudik Architects and managed by RSP limited.