MGL Partners Announces Second Phase of Affordable Housing Project in Longmont
MGL Partners (MGL), a Denver-based multifamily, senior, workforce and affordable housing developer with a mission to build lasting value through the creation of high-quality communities, has closed on the land for the second phase of the Crisman Apartments, in partnership with the Longmont Housing Authority (LHA). Located at 680 SH 66 in Longmont, Crisman II will offer 83 new affordable housing units serving individuals and families between 30-60% of area median income (AMI), meeting a crucial need for workforce housing in the growing corridor.
“This project would not have been possible without extraordinary partnership of the Longmont Housing Authority, and the support and flexibility of the land seller, Pacific West Bank, Colorado Finance & Housing Authority, and Royal Bank of Canada,” said MGL Partners partner Greg Glade. “Everyone came to the table committed to seeing this project through. We look forward to meaningfully adding to the supply of affordable workforce housing here in Longmont.”
Under the terms of the development agreement, MGL Partners, which also served as the developer on the 117-unit Crisman I, will share 50/50 ownership of the project through a partnership with LHA.
“The City of Longmont is committed to investing in affordable housing to meet growing demand, but with development costs on the rise, this work has become increasingly challenging,” said Longmont City Director Harold Dominguez. “The Crisman Apartments are a great example of a creative partnership between public and private sectors to bring a much-needed resource to Longmont. We knew from partnering with MGL Partners on Crisman I that they brought the expertise to get quality affordable housing funded and built. We are thrilled to be moving forward with them on this project and look forward to delivering these new apartment homes to our community in later summer and fall of 2023.”
The 83-unit Crisman II will consist of four, three-story walk-up buildings serving a range of income levels. Importantly, the unit mix in this complex is designed to better meet the needs of low-income families. The community will offer one- and two-bedroom options as well as a number of and three-bedroom units, community gardens and a new children’s play area. Ideally located in north central Longmont just .01 miles from an RTD station, the site offers easy access to area jobs, services and shopping along Longmont’s Main Street.
Crisman II is anticipated to cost a total of $30.4 million. In addition to the 4% LIHTCs the project was awarded by Colorado Housing & Finance Authority (CHFA), the Colorado Division of Housing approved $2.075 million in gap financing for the project in April of this year, CHFA approved $975,000 of Capital Magnet subordinate financing, the Longmont Housing Authority approved $1.27 million in gap financing, and the City of Longmont approved $600,000 of gap financing, 50% fee waivers on the project as well as a Payment in Lieu of Taxes (PILOT). Pacific West Bank is providing the construction and perm loans, and Royal Bank of Canada is providing the low-income housing tax credit equity.
Over the last two decades, MGL Partners has developed some of Colorado’s most successful multifamily rental communities across all income levels, including more than a dozen Low-Income Housing Tax Credit (LIHTC) projects. Crisman II will be the 15th affordable housing project for which MGL Partners has served as a General Partner here in Colorado.