Federal Housing Administration lends $25M for MF project
by Jenna Walters @Colorado Real Estate Journal
DENVER – The Federal Housing Administration provided funds for an affordable housing project near Denver International Airport.
The lender provided a $24.5 million loan insured under FHA’s 221(d)(4) new construction mortgage insurance program. Jon Killough of Bellwether Enterprise Real Estate Capital originated the interest-only loan on behalf of borrower EC Wildhorse LLC, an affiliate of Evolve Communities. The loan features a 40-year amortization at a sub-3% interest rate.
The funds will be used to build Wildhorse Ridge, a planned 119-unit apartment property near East 56th Avenue and Tower Road. Upon completion, the property will encompass 11 buildings, offering units for residents earning between 30% and 70% of the area median income. The townhome-style units will feature central air conditioning, walk-in closets, dishwashers with disposals and attached garages. Amenities will include a community room with a kitchen, picnic area, community gardens and parks, barbecue grills and a boulder climbing area. Developers will break ground on the project in the coming weeks, with completion planned for early 2024.
Additional funding for the project will come from tax-exempt mortgage revenue bonds and 4% low-income housing tax credits issued by the Colorado Housing and Finance Authority.