Phase 2 of CO Community Lands $14M Financing
- Jan 18, 2018
Love Funding, a FHA multifamily, affordable and health care financing provider, has secured a $13.7 construction and permanent loan for the second phase of Outlook Ridge in Pueblo, Colo. The property is owned by Hampton Partners.
The site is located at 5304 Outlook Blvd., at the northern edge of the city. A retail center with Home Depot and Walmart is less than a 10-minute drive away. The initial phase of Outlook Ridge Apartments was completed at the end of 2013, and includes 92 luxury residential units. On-site amenities include a business center, cyber café, fitness center, dog park and swimming pool.
Shared high-end amenities
The market-rate extension will join the existing five buildings, adding five three-story, garden-style constructions to the property. Phase II will comprise one-, two- and three-bedroom apartments, and all 10 buildings will share high-end amenities.
The financing was closed by Peter Wessel, senior director of Love Funding, through the U.S. Department of Housing and Urban Development’s 221(d)(4) loan insurance program. Wessel also secured HUD funding for the first phase of the community.
N.E. Construction LLP is the main contractor, while Godden Sudik Architects will design Outlook Ridge II. RSP is managing the property. Earlier this month, Love Funding also secured $22 million in bridge financing for the construction of Preserve at Mountain Island, a new 15-building community in suburban Charlotte, N.C.
Image courtesy of Hampton Investors Pueblo LLC