Nonprofit Lands Refi for Colorado Affordable Community
Rocky Mountain Communities will use more than $2 million to renovate the 112-unit property in Grand Junction.
The nonprofit Rocky Mountain Communities has received a $6.4 million Fannie Mae Moderate Rehabilitation loan for Grand Manor Apartments, a 112-unit affordable community in Grand Junction, Colo. Hunt Real Estate Capital provided the 30-year financing with a low, fixed interest. Rocky Mountain will use the proceeds to pay out existing debt and invest $2.4 million in property renovation.
Developed in 1979 at 2828 Orchard Ave., Grand Manor Apartments operates under a Section 8 Housing Assistance Payment contract. The unit mix comprises one- to three-bedroom apartments ranging from 638 to 1,010 square feet.
The planned 12-month renovation will target both exterior and interior upgrades. Exterior works will include roof replacement and retaining wall construction as well as parking lot, water and sewer line repairs. Interior improvements will feature new flooring, kitchen and bathroom upgrades and air furnace replacements.
The property is less than 3 miles northeast of downtown Grand Junction, across from Columbine Park. There are numerous shopping and dining options roughly 1 mile south, alongside U.S. Route 6.
In May, Hunt Real Estate Capital provided a $20.8 million FHA loan for the refinancing of a 161-unit affordable community in San Diego. Standard Communities used the proceeds to fund an existing FHA 223(f) loan.