DBG Properties has secured a $ 22 million loan for Academy Heights Apartments, a 201 affordable housing development in Colorado Springs, Colorado.
Bellwether Enterprise is the originator of the tax-exempt loan Freddie Mac Forward Commitment. The financing consists of a 36-month term commitment, a 15-year term, a 35-year amortization period and a fixed interest rate with an interest period of only one year.
Academy Heights Apartments is scheduled to go live in March 2023.
The community will take shape at 1340 Inverness Drive on a site of over 6 acres. Academy Heights Apartments will consist of three four-story buildings with units in one, two and three bedroom configurations.
The planned facilities include a pavilion, a community hall, a fitness center, a picnic area, a swimming pool and a dog park. The community will also provide 330 surface parking spaces available to residents.
The property is located approximately 5 miles southeast of downtown Colorado Springs and less than 10 miles from the Colorado Springs Airport, with easy access to Interstate 25. The South Academy Boulevard shopping corridor, which offers several shops and restaurants, is less than 3 km. South.
Additional funding, restrictions
Additional funding for the project includes low-income housing tax credits of 4%, which restrict property rents for 30 years.
The property will be fully affordable, with 11 units available to residents earning 30 percent of the area’s median income; 157 apartments reserved for those earning 60 percent AMI and 33 units for those earning 70 percent AMI.
The developer has also secured construction funding from the El Paso County Housing Authority as well as the Colorado Housing Investment Fund. The latter financed a mortgage of $ 3 million.
Anthea Martin, senior vice president of Bellwether Enterprise, worked on behalf of the borrower to secure the funding.
Bellwether Enterprise offers financing packages covering several asset classes. Recently, the mortgage banking company arranged a refinance of $ 178 million for a portfolio of manufactured homes nationwide.