Construction Loan for Colorado Market-Rate Apartments
$32.8 Million Loan for New Market-Rate Apartment Community in Durango, Colorado
Rocket-Apartments-Construction-Loan.jpg

Love Funding closed a $32.8 million loan for the construction and permanent financing of Rocket Apartments, a new market-rate community in Durango, Colorado. Rocket Apartments will offer 194 one- and two-bedroom units located in seven three-story garden-style walk up buildings on eight acres. The property will also contain a clubhouse and other high-end community amenities.

The development is being led by NE Development. NE has developed and built over 15,000 units with their construction arm NE Construction. The Rocket Apartments project was designed by BGO Architects and will be managed by NE Property Management.

The financing was secured by Love Funding Senior Director Leonard Lucas through the U.S. Department of Housing and Urban Development’s 221(d)(4) loan insurance program. The program provides low-rate, non-recourse financing for the construction and permanent financing of up to 40 years for multifamily properties. For more information, contact Leonard Lucas at (617) 638-0055 x28

Related Posts

Prairie Vista Luxury Apartments October 22 1022 2013
InterPointe Apartment Homes November 26 1126 2013
Gates Manor December 31 1231 2013
Union Arcade May 14 514 2014
Marymount Manor May 27 527 2014
Encore Townhomes July 31 731 2014
Walnut Grove Nursing & Rehab November 13 1113 2014
River's Edge Apartments December 10 1210 2014
Imani Fe Apartments May 19 519 2016
Chisholm Creek Apartments May 25 525 2016