Lincoln Avenue Capital (LAC) has closed on the financing for the construction of InterQuest Ridge Apartments in Colorado Springs, Colorado, US.
The new project will offer 240 units of affordable housing for working families and individuals.
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According to LAC, this project has been made possible due to several funding partners including construction and permanent loans from Citibank; equity investment in federal low-income housing tax credits from AEGON; an allocation of tax credits and tax-exempt bonds from Colorado Housing and Finance Authority and the City of Colorado Springs; and a gap loan from the Colorado Department of Local Affairs.
Furthermore, LAC teamed up with the Colorado Springs Housing Authority to get some tax exclusions.
Upon its completion, the project will allocate 20 units for veterans and their families who are linked with the Mt. Carmel Veterans Service Center.
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LAC CEO Jeremy Bronfman said: “Lincoln Avenue Capital is proud to partner with state and local organizations to support this landmark affordable housing development.
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By GlobalData“The diverse and extensive financing team demonstrates the power of public-private partnerships in developing quality, attainable homes in communities that need housing.”
Construction of the project started in July 2022.
The total completion of the project is anticipated in the summer of 2024.
The first units will become available for occupancy in the summer of 2023.
InterQuest Ridge will feature many amenities, such as a clubhouse with a full kitchen, an outdoor pool area with seating, an enclosed pavilion with barbeque grills, a fitness centre with a yoga room, and a playground for children of all ages.
The project will be National Green Building Standard (NGBS) Bronze certified.
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Image: The total completion of the project is anticipated in 2024. Credit: Noor Islam Kazi from Pixabay.
