Developers Land LIHTC Financing for Denver Project
Upon completion, the affordable community will be fully electric.
Krisana Apartments. Image courtesy of Hunt Capital Partners
A joint venture between Lexton McDermott and The Kentro Group has received an additional $15.8 million in LIHTC financing for the development of Krisana Apartments, a 151-unit fully affordable community in Denver. Hunt Capital Partners syndicated the tax credits through its fund with UMB Bank.
The project’s financing also includes:
- $22.7 million tax-exempt construction loan from UMB Bank;
- $7.9 million taxable construction loan from UMB Bank;
- $21.1 million forward permanent loan from Citibank.
Lewis Himes Associates Inc., formerly Lewis Associates Architects, provided architecture services and Pinkard Construction serves as general contractor. Completion is expected in April 2024.
A focus on sustainability and accessibility
Krisana will comprise studio, one- and two-bedroom units targeted at individuals earning 60 percent or less of the area median income. Eight apartments will be fully accessible and another 12 will accommodate for people with visual and audio impairments. Interiors are slated to feature quartz countertops, air conditioning and Energy Star-rated appliances. Common-area amenities will encompass a gym, a mail room, storage rooms and community rooms, as well as laundry facilities on each floor.
The community was also designed to be fully electric, aiming to meet requirements for multiple sustainability certifications. In addition, the property will utilize LED lamps for its interior, exterior, exit and emergency light fixtures. ComCap Management, an affiliate of McDermott Properties, will serve as property manager.
Hunt Capital Partners Managing Director Amy Dickerson stated in prepared remarks that the all-electric component is unprecedented in the affordable housing sector nationwide, emphasizing that it ought to serve as a model for future sustainable projects.
Located at 4201 E. Arkansas Ave., the roughly 12-acre site is just east of South Colorado Boulevard and close to Interstate 25, placing it 6 miles from downtown Denver. The immediate area has a multitude of retail and dining options.
