Recently, BWE closed a $25.2 million FHA-insured 221(d)(4) loan for Wildhorse Ridge in Denver, Colorado. Envolve Communities, a long-time BWE partner, is the developer and owner. Wildhorse Ridge is a 119-unit new construction property located in the fast growing area near Denver International Airport. Units will be affordable to families with incomes ranging from 30% to 70% of area median income. The site is located within a mile of community resources, retail, employment and a light rail stop providing many opportunities to Wildhorse’s new residents.
In addition to the FHA mortgage, Wildhorse Ridge will be funded with 4% LIHTC and tax-exempt bonds both issued by the Colorado Housing Finance Agency. Key Community Development Corporation will buy the tax credits, and both the State of Colorado and the City of Denver awarded subordinate loans to the project. 12 of the units will be affordable to residents at 30% of AMI, 47 units at 50% and 60 units at 70%. The project will utilize income averaging.
“Envolve is a great partner that has a proven track record of buying and preserving, but also building quality new construction affordable communities. I’m excited to participate in one of their first Colorado properties” said Jon Killough, Executive Vice President and Senior Originator at BWE.
For more information on Wildhorse Ridge, please email Jon at Jon.Killough@bwe.com.