Brinshore Development and Mile High Development, leading developers of affordable multifamily complexes, have recently received $117.7 million in funding from KeyBank Community Development Lending and Investment (CDLI) for the construction of two sites in Colorado.
The first project, Ralston Gardens Apartments, located in Arvada, is a 102-unit family complex. It will provide affordable housing options for low-income families at 30%, 50%, 60%, and 70% of the Area Median Income (AMI). CDLI has provided $56.9 million in funding for this project. The apartment complex will feature 66 one-bedroom, 32 two-bedroom, and four three-bedroom apartments. KeyBank is assisting with the financing through the Fannie Mae MTEB Program, offering a construction loan of $26.7 million and a permanent loan of $14 million. KeyBank also contributes a total of $16.2 million in tax credit equity.
The second project, Northfield Flats, located in Denver, consists of 129 units. It will offer affordable housing options for individuals and families at various income levels. CDLI is providing $60.7 million in funding for this development. The complex will include 42 one-bedroom, 83 two-bedroom, and four three-bedroom apartments. The Colorado Department of Local Affairs (CDOH) has granted a $4.3 million Housing Development Grant (HDG) loan to support this project.
More Information on the Brinshore Development and Mile High Development Colorado Projects
The funding for the projects allows families with income levels of 30%, 50%, 60%, 70%, and 80% of the AMI to purchase units in either apartment complex. KeyBank is arranging the construction finance through the Fannie Mae MTEB Program, providing a construction loan of $28.2 million and a permanent loan of $14.8 million. Additionally, KeyBank contributes a total of $17.7 million in tax credit equity. The Colorado Department of Local Affairs (CDOH) has loaned $3.1 million from the Housing Trust Fund (HTF), while the Denver Department of Housing Stability (HOST) has loaned $4.5 million to support the projects.
Ralston Gardens Apartments is conveniently located near transit hubs, shops, parks, and neighborhood schools, offering residents easy access to essential amenities. Northfield Flats is situated in the Northfield retail complex in Central Park, Denver’s prime mixed-use master-planned development. The property is adjacent to The Shops at Northfield, a hub for shopping, entertainment, and dining.
