FirstBank recently closed a $21 million loan with Boulder Housing Partners (BHP) to support the Hawthorn Court development. The project broke ground on May 14 and will add 73 units, including 40 one-bedrooms, 27 two-bedrooms, and six three-bedrooms to the City of Boulder.
“By funding affordable housing, we’re providing security, consistency and sustainability to countless individuals and families,” said Adam Sands, chief banking officer at FirstBank. “Safe and attainable housing is also crucial in fostering a strong economy, and we’re excited to support Boulder Housing Partners in building a foundation for everyone to thrive.”
Hawthorn Court will primarily serve households making 30% to 60% of the Area Median Income (AMI), providing much-needed housing options for families across the income spectrum. Five units will also be set aside for families experiencing or at risk of homelessness.
Hawthorn Court is being constructed as part of the Diagonal Plaza redevelopment project. BHP is building alongside Trammel Crow Residential to breathe new life into the formerly underutilized and blighted parking lot. The site is adjacent to BHP’s Diagonal Court Community and will improve safety for residents as well as create a community connection between the two sites.
The approximately 5-acre site is exceptionally well located with easy access to the city multi-use path and high-frequency transit stops along 28th and 30th Streets, as well as grocery stores and neighborhood-serving retail. This redevelopment will help continue the transformation of not only Diagonal Plaza, but the 28th and 30th Street corridors into mixed-use, walkable neighborhoods.
In addition, Hawthorn Court will prioritize sustainability. The development will feature solar energy, high-efficiency all-electric HVAC systems, high-performance windows, electric vehicle parking, and certifications from Enterprise Green Communities, Energy Star, and Zero Energy Ready Homes. The community is located near public transit and retail stores, making the location walkable and eco-friendly.
“Boulder Housing Partners is dedicated to meeting the urgent need for affordable housing by providing accessible housing,” said Laura Sheinbaum, Chief Real Estate Officer at BHP. “We’re thankful for partners like FirstBank that help turn this vision into reality.”
BHP anticipates the community will be ready to lease in summer 2025.
