ESH Development Lands $40M for Colorado Project
Pueblo Springs will comprise 199 market-rate units.
ESH Development LLC has received a $39.5 million loan for the development of Pueblo Springs, a 199-unit Class A community in Pueblo, Colo.
BWE arranged the 40-year, fully amortizing non-recourse loan through the HUD 221(d)(4) Mortgage Insurance program.
Colorado Structures Inc. serves as the project’s general contractor. Upon completion, Pueblo Springs will represent the residential component of the larger Quail Ridge master-planned, mixed-use development.
Located at the southeastern corner of 31st Street and Pueblo Boulevard, the Pueblo Springs site is within an Opportunity Zone. The 14-acre parcel is near the intersection of Pueblo Boulevard and Route 40, which allows easy access to downtown Pueblo.
READ ALSO: How Opportunity Zones Progressed Through 2024
Common area amenities at Pueblo Springs will include a swimming pool, a fitness center, a business center, a community room, a clubhouse, a spa, picnic areas, bike storage, controlled access and walking paths. Residences will feature stainless-steel and Energy Star appliances, in-unit washers and dryers, walk-in closets and private balconies or patios.
BWE Executive Vice President James Swanson worked on behalf of the borrower to secure the financing, which will qualify for HUD’s reduced “Green” upon final construction and delivery of units.
Financing housing throughout the nation
At the end of last year, BWE provided a $16.9 million Fannie Mae loan for the refinancing of Monastery Manor, a 147-unit fully affordable and age-restricted community located in an Opportunity Zone in Yonkers, N.Y.
The company’s manufactured housing team has recently secured upwards of $100 million in financing through a Freddie Mac transitional line of credit. The debt backs a portfolio of 2,500 manufactured housing communities in the Midwest, the southeastern U.S. and the Rocky Mountain region.
