Archway Communities, Inc. to Convert Campus Dorms in Denver into 154 Affordable Apartment Homes
On December 29, Archway Communities, Inc., a leader in providing quality affordable housing for Coloradans, closed on financing for four dormitory buildings on the former Johnson & Wales Campus located at 7150 Montview Blvd in Denver’s Park Hill neighborhood. Archway purchased the dormitories from Urban Land Conservancy (ULC), which acquired the campus in 2021 in partnership with Denver Public Schools and the Denver Housing Authority.
Archway will convert the four buildings into 154 apartment homes, offering studios, one, two, and three-bedroom apartments at rents affordable to individuals and families earning between 30% – 60% of the Area Median Income.
Situated on the historic campus that was once home to Colorado Women’s College, the new Mosaic Community Campus currently includes a beautiful central quad, community kitchens (operated by the Kitchen Network), St. Elizabeth School, and a host of other amenities.
“We have found a great partner in Archway Communities to preserve these beautiful buildings for a community beneficial use and provide much needed affordable housing” Aaron Martinez, ULC vice president of operations and sustainability.
The land that the dorms are located on will be held in a renewable 99-year ground lease by ULC to ensure its use for community benefit in perpetuity.
Archway expects to begin delivering units for occupancy in early 2024. “We are extremely proud of our team’s effort to close ﬁnancing and get construction started here,” said Julie Stern, Archway’s director of real estate. “Our partners at Shopworks, Taylor Kohrs, SB Clark, Boston Capital and Hudson Capital, were key to our ability to make this happen and ultimately to begin delivering much-needed affordable housing to the Park Hill Neighborhood.”
Financing for Mosaic included:
Grant and loan funds from Colorado Division of Housing (CDOH)
Grant and loan funds from the City of Denver’s Department of Housing Stability (HOST)
Proceeds from the sale of Federal and State Low-Income Housing and Historic Tax Credits to Hudson Housing and Chase Community Capital
Debt Financing from Boston Capital and Western Alliance Bank
“Mosaic would not have happened without the vision of ULC. Similarly, this project could not succeed without the support of CHFA, CDOH and HOST. We are grateful for their collective support and collaboration,” said Sebastian Corradino, Archway’s president. “Now that we have closed financing, our focus can shift to delivering much-needed affordable units to the Park Hill Community.”