Multifamily Affordable Housing in Boulder Receives Financing

BOULDERKeyBank recently provided $50.4 million in total combined financing for a tax-exempt bond transaction to support the construction of Alexan Diagonal Crossing, a 105-unit garden-style apartment community that is income-restricted for families earning at or below 60 percent AMI in Boulder.

Diagonal Crossing broke ground in June 2017 and is being developed on two parcels of land called Lot 3 and Lot 6, offering a total of 105 new affordable housing units. Lot 3 will feature 85 affordable housing units in two, three-story walk-up buildings and one, two-story walk-up building. Lot 6 will feature 20 affordable housing units across four different buildings. The project is anticipated to be complete September 2020.

Tramwell Crow Residential is the master developer for the project in partnership with Koelbel and Company and Allison ManagementCoburn Partners is the architect.

“As the vast majority of Boulder’s housing stock consists of single-family homes and smaller buildings converted into apartments, the demand for quality apartment housing has grown well beyond the available homes in the market,” said Jarvie Worcester, managing director of Mountain States Division for TCR. “We believe the Diagonal Crossing community will help meet the demand while also creating housing opportunities for the firefighters, nurses, police officers and others who work to serve and protect the community.”

Situated at the northern entrance of Boulder 3600 State Highway 119, the development is bordered by Independence Road to the south, 47th Street to the west and Highway 119 to the east. Two out-lots at the community will connect to green space and a multi-use recreational trail.

Diagonal Crossing will consist of studio, one- and two-bedroom homes. Community amenities will include a 6,000-square-foot clubhouse and fitness center, outdoor swimming pool and spa, bike storage, B-Cycle station and a landscaped center promenade with public art displays.

The multifamily project will achieve LEED Silver certification and will be built to a minimum 60 HERS Index, which measures home energy efficiency.

Rendering courtesy of Coburn Partners

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