Underserved Vets Target of New Colorado Springs Apartments
Lincoln Avenue Capital (LAC) has secured financing for the construction of the affordable 240-unit InterQuest Ridge Apartments in Colorado Springs. A total of 20 units will be set aside for underserved veterans and their families in Colorado Springs. The project is in close proximity to the United States Air Force Academy.
Lincoln Avenue Capital received $41.3 million in bonds from the Colorado Housing and Finance Authority, later assigned to Citibank. The bank also provided a $17.7 million taxable mortgage. Aegon provide an equity investment in federal low-income housing tax credits, while the Colorado Department of Local Affairs provide a gap loan. “Lincoln Avenue Capital is proud to partner with state and local organizations to support this landmark affordable housing development,” said LAC’s Jeremy Bronfman. “The diverse and extensive financing team demonstrates the power of public-private partnerships in developing quality, attainable homes in communities that need housing.”
The first units are slated to come on line the summer of 2023 and the entire project is expected to wrap up the following summer.
Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.
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