Zocalo Lands $48M for Denver-Area Affordable Project
The 218-unit community in Lakewood, Colo., is an adaptive reuse of a 160,000-square-foot office building.
Zocalo Community Development has received $47.6 million for the construction of Notable, a 218-unit affordable community in the Denver suburb of Lakewood, Colo. Bellwether Enterprise Real Estate Capital arranged the financing through the direct purchase of tax-exempt and taxable bonds issued by Colorado Housing and Finance Authority. RBC Community was the equity syndicator.
Notable is an adaptive reuse of a four-story, 160,000-square-foot office building on more than 6 acres at 730 Simms St. Upon completion, the five-story community will house studio, one- and two-bedroom floorplans. Of the total, 208 units will cater to households earning at or below 60 percent of the area’s median income with the remainder set aside for residents earning at or below 50 percent of AMI.
EVstudio designed the project to Enterprise Green Communities standards. Amenities will include a fitness center, an art studio, a rooftop deck, a dog washing station and bike storage.
Notable’s site is some 9 miles west of downtown Denver, just north of the Sixth Avenue Freeway. The property is surrounded by a number of shopping and dining options, and St. Anthony Hospital is 1 mile south. The project is less than 4 miles from a 351-unit residential development which broke ground in mid-August.
Bellwether Enterprise Senior Vice President Anthea Martin originated the financing, while Executive Vice President Jim Gillespie and Vice President Ilya Weinstein led the private placement.