Love Funding, one of the nation’s leading providers of FHA multifamily, affordable and healthcare financing, announced the closing of an $11.5 million construction-to-permanent loan for the second phase of Vistas at Jackson Creek, a proposed 90-unit market-rate apartment community in Monument, 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 13-month construction period and 40-year permanent loan term.
The project is located in the mixed-use Jackson Creek Development, which will include 4.4 million square feet of industrial space and 2.4 million square feet of office and retail space. The residential portion of the property is being divided among 199 acres for single-family subdivisions and 93 acres for apartments, with an additional 234 acres reserved for open space.
The principals involved in the project are Timothy Phelan and Robert Oldach, who are also principals in Colorado Structures Inc. (CSI), a general contractor that has been operating in the western U.S. since 1978. CSI Group closed on a previous Section 221(d)(4) loan in 2011 to build Phase I of the project, and completed construction ahead of schedule. CSI Group was also the general contractor and had an investment interest in RiNo Center, a market-rate apartment project in Denver that Wessel secured FHA financing for in 2011.
The architect behind the Phase II design is KEPHART, which has extensive multifamily development experience in Colorado. The property will be managed by Riverstone Residential Group.
For more information, contact Peter Wessel at (303) 777-5016.