Denver Affordable Housing Secures $50M

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Koelbel and Co., Mile High Development and Longs Peak Advisors will develop Eaton Street Apartments, a 118-unit community in Westminster, Colo.

Eaton Street Rendering

Koelbel and Co., Mile High Development and Longs Peak Advisors have obtained $49.7 million in financing to complete the development of Eaton Street Apartments, a 118-unit affordable housing community in Westminster, Colo., a suburb of Denver. The financing breaks down into a $24.8 million construction loan, a $14.1 million LIHTC equity investment and a $10.8 million Fannie Mae permanent loan.

Eaton Street Apartments is a component of the Downtown Westminster redevelopment plan and will be a mixed-use building with more than 22,000 square feet of ground-floor retail space. Ninety-nine units will be reserved for households earning 60 percent or less area median income (AMI), while eight units will be reserved for households earning 50 percent or less AMI.

The remaining 11 units will target households earning 30 percent or less AMI and be supported by project-based Section 8 vouchers. The five-story project will have four stories of residential units atop common area, townhomes and retail on the ground floor on Eaton Street and 89th avenue. Construction of the property began earlier this year.

KeyBank, Others Facilitate Funding

Beth Palmer and Sarah Geis of KeyBank’s Community Development Lending & Investment team, along with Jeff Rodman of KeyBank’s Commercial Mortgage Group, facilitated the financing package. The Jefferson County Housing Authority is a special limited partner.

Additional funding was provided by the City of Westminster, Jefferson County and the Colorado Division of Housing’s Colorado Housing Investment Fund. Private Activity Bonds were issued by the Colorado Housing and Finance Authority. Ron Lehr and Sam Adams of KeyBanc Capital Markets provided underwriting and remarketing services for the bond issuance.

Koelbel and Co. is a Denver-based developer that does market-rate and affordable housing, as well as urban infill and mountain resorts. Mile High Development does large-scale mixed-use projects, such as Colorado Center, which was in conjunction with TIAA, as well as transit-oriented and other developments.

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