Thistle
NeighborWorks Capital extended a $5,000,000 permanent loan to Thistle for Fairways Apartments, a LIHTC development consisting of 70 units that provide long-term affordability for individuals and families earning 30 – 50% of the Area Median Income. The property includes four three-story apartment buildings that were originally constructed in 1983 and renovated in 2008.
Impact
- $5,000,000 permanent loan
- 70 total units
- 5 units for <30% AMI
- 65 units for <50% AMI
NeighborWorks Capital extended a $5,000,000 permanent loan to Thistle for Fairways Apartments, a LIHTC development consisting of 70 units that provide long-term affordability for individuals and families earning 30 – 50% of the Area Median Income. The property includes four three-story apartment buildings that were originally constructed in 1983 and renovated in 2008.
Fairways Apartments is located in the East Boulder neighborhood, which is central to the city’s broader growth plan to create a housing, commercial, and transportation corridor in the area. The complex offers quick access to grocery stores, parks, public transportation, and several retail stores and restaurants within walking distance. With high housing costs and low vacancy rates in the area, Fairways Apartments is a critical resource for affordable housing in this growing tech-focused area.
The loan extended by NeighborWorks Capital allowed Thistle to proactively refinance debt that was nearing its maturity and take advantage of significant savings with an interest rate below what was available in the standard market. Another attractive and beneficial feature of the loan was the flexibility to use funds as they were needed for additional replacement reserves and property repairs.
