FirstBank Finances $24.3M Construction Loan for DeLo Apartments
Louisville, CO – FirstBank is financing a $24.3 million loan for DeLo Apartments, LLC. The loan will help build a 115,000 sq. ft. luxury apartment complex, featuring 130 units in the newly redeveloped Downtown East Louisville neighborhood (referred to as “DeLo”).
The apartment development, located on a 12.6 acre plot one block from Main Street, will be completed in fall 2017. It will offer residents several amenities, including a fitness center, dog washing station and walkable access to nearby shops, high-end restaurants and bike trails.
“We value lending to projects and businesses that help enhance our local communities, and we’re pleased we can help finance this crucial development in Louisville,” said John Ikard, CEO of FirstBank. “The apartments will be a meaningful addition to the city and help meet the growing demand for high-quality housing in Colorado.”
“We chose to work with FirstBank on this project because they are a well-respected local organization and believe in improving and developing communities,” said McClure. “They expressed an interest in the project early on and have been instrumental in getting it off the ground.”
The City of Louisville has also committed to making a number of public improvements to the area, including pedestrian-friendly walkways, public utilities, a plaza and a pedestrian underpass (known as the South Street Pedestrian Gateway and Plaza) that connects DeLo with Main Street and the rest of downtown Louisville.
Rendering courtesy of FirstBank by OZ Archictecture