Piper Sandler Special District Group Secures $57M for Infrastructure Development at Fruition Colorado Subdivision in Keenesburg
Piper Sandler Special District Group, a specialty financing group with more than 30 years of niche experience that are working in Colorado helping special districts fund public infrastructure for new construction and redevelopment, has announced the company secured $57 million in tax-exempt bonds for the Pioneer Community Authority Board to finance the raw water and wastewater gathering and treatment infrastructure for the initial build-out of the upcoming Fruition Colorado subdivision in Keenesburg, Colo. The issuance will help fund the initial infrastructure required to begin development for this new, 3,400-unit master-planned community located 40 miles northeast of the Denver metro area.
Located on 3,500 acres in Weld County – the largest energy-producing area in Colorado and home to the state’s fastest-growing communities – Fruition Colorado will offer 3,400 homes that will be comprised of approximately 1,000 traditional single-family homes as well as approximately 2,400 modern manufactured homes, providing much-needed attainable housing for the area. Pricing is anticipated to start at $350k – significantly below the median home price in Colorado of $594,500.
“Securing early-stage capital for a major attainable housing development in one of the fastest growing regions of Colorado allows our clients to develop land and build homes for a portion of the market that is in immense demand and dire supply,” said Jonathan Heroux, managing director of the Special District Group at Piper Sandler. “This is just one of the many ways we are addressing housing affordability in Colorado.”
Experts in special district and tax-increment financing, the Piper Sandler Special District Group serves clients across the country with dedicated teams in Denver and Salt Lake City by collaborating with local governments and real estate developers on innovative infrastructure financing.
“We were incredibly fortunate to be able to work with Piper Sandler to finance our initial infrastructure needs so that we can fulfill our commitment of bringing more attainable housing to the Keenesburg community,” said Joel Farkas, developer of Fruition Colorado.
Construction is expected to start by the end of 2022 with the first phase of homes to deliver in 2023.