Rocky Mountain Communities (RMC) recently closed on a $1,568,706 permanent loan with NeighborWorks Capital for Townview Apartments in Denver, CO. The 122-unit property is an older garden-style development, built in the early 1960s, which RMC purchased in 1997, with affordability requirements running through 2028. The long-term plan is to redevelop the low-density site with up to 400 new apartments, creating more affordable units in a city with a shortage of at least 50,000 affordable homes. NC’s permanent loan will allow RMC to hold the property while creating its high-density, high-impact development plan.
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.