Collegiate Peaks Bank has proudly announced that it is financing the rehabilitation of four affordable housing projects located in Brighton, Limon and Estes Park on behalf of Chrisman Development. The properties were originally built between 1984 and 1991 and are part of a portfolio named Park Ridge. The projects represent the bank’s most recent work in helping to make affordable housing a reality in Colorado.
“There is an obvious and growing need for affordable housing throughout Colorado and we have made the financing of these projects among our priorities,” said Liam Girard, president of Collegiate Peaks Bank. “Our experience in real estate financing, along with our strong network of connections and knowledge of how to make difficult projects a reality, are key contributors to providing affordable housing to people and families in various cities and towns. We’re very proud to be part of this very important market segment.”
The four properties:
420 1st Ave, Limon, CO – Limon Apartments (16 units)
611 Miller Ave, Brighton, CO – Platte Valley Terrace of Brighton Apartments (46 units)
1250 Acacia Dr, Estes Park, CO – Park Ridge Apartments (32 units)
1256 Community Dr, Estes Park, CO – Trail Ridge Apartments (24 units)
All four properties have permanent USDA Rural Development financing and provide rental subsidies to 88 of the 118 rental units. The properties will receive a full rehabilitation to the exterior and interior along with land improvements. During rehabilitation, Collegiate Peaks Bank is providing $13.25 million in construction financing. The property improvements are funded through federal and state tax credits and short-term bonds issued by CHFA (Colorado Housing & Finance Association).
PNC and Sugar Creek Capital are investing $12,862,000 of tax credit equity while The Colorado Department of Local Affairs – Division of Housing is providing $3.350,000 in low-interest financing. Bonneville Multifamily Capital and CHFA are providing permanent financing through the USDA RD 538 program once the rehabilitation is completed. In total, $27.7 million is invested to acquire, rehabilitate and preserve affordable housing for another 30 years. Belmont Construction is the general contractor completing the rehabilitation.
Collegiate Peaks Bank also recently announced that they are providing financing to The Midland Apartments, an attainable rental housing project for Chaffee County. The public/private venture will include 60 apartments with affordable rental rates that will help to address the housing challenges that exist for the local workforce. The project will also include a childcare center that will provide an additional critical service to the community.
