BWE Secures $39.5M Financing for Pueblo Apartment Investor

BWE secured a $39.5 million HUD loan to finance the development of Pueblo Springs, a 199-unit, Class A market-rate apartment project in Pueblo, Colorado.

BWE’s James Swanson originated the financing through the US Department of Housing and Urban Development’s 221(d)(4) Mortgage Insurance Program on behalf of the borrower, ESH Development, LLC. The HUD-insured financing provides for a combined construction and permanent loan for Market-Rate multifamily projects. The non-recourse, fully assumable loan features a 40-year, fully amortizing loan that will qualify for HUD’s reduced “Green” upon final construction and delivery of units. Additionally, the site is in an Opportunity Zone.

The units will include features such as private balconies or patios and amenities that include a clubhouse with Wi-Fi, fitness center, business center/e-lounge, community room with gourmet kitchen, bike storage, heated pool and spa, BBQ and picnic areas, walking paths, extensive landscaping, 24-hour emergency staff, and gated entry. Colorado Structures Inc. is the general contractor for the project.