Thistle Community Housing recently closed on a $5,000,000 permanent loan from NeighborWorks Capital for Fairways Apartments, a 70-unit long-term affordable housing complex in Boulder, CO, that provides housing to individuals and families earning 30 – 50% of the Area Median Income. Fairways Apartments is in the East Boulder neighborhood with 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.
Founded in 1985, Thistle develops and manages housing for low- and moderate-income individuals and families in Boulder County and the surrounding areas. Currently, they have a portfolio of 574 multifamily rental units across 17 properties throughout Boulder and Longmont. NeighborWorks Capital has made 3 other loans to Thistle since 2010 to support their affordable real estate development work in these high-cost housing markets.
The new loan extended by NeighborWorks Capital to Thistle refinances an existing loan, funds additional replacement reserves, enables needed property repairs, and repays a portion of long-term capital investment to the Sponsor.
Thistle is Boulder County’s leading proponent of permanently affordable housing. We are proud to be their long-term partner and continue to support their vision for a brighter collective future for all of Boulder County.
Learn more about NeighborWorks Capital’s competitively priced, fixed-rate loan capital that is available to members of the NeighborWorks network. Visit our lending solutions page for more information.
