Colorado-Real-Estate-Journal_458969

Page 24 - May 7-20, 2025 www.crej.com Finance by Avalon Jacka BROOMFIELD – A local affordable and workforce hous- ing developer closed on con- struction and permanent financ- ing for a 152-unit transit-ori- ented development, allowing construction to move forward. Financing for Ulysses Devel- opment Group’s Harvest Hill, located at 11801 Wadsworth Blvd., totals more than $33 mil- lion and includes $20 million in federal tax credits. The project is expected to cost $67 million all in. Groundbreaking is planned for June, with delivery antici- pated in spring 2027. “Broomfield and other sub- markets of Denver have seen extremely high rent growth in the last few years,” said UDG Chief Development Officer Kirsty Greer. “Pulling together affordable housing at the levels of this particu- lar community has been diffi- cult to execute on, difficult to get closed, dif- ficult to find resources for, especially in a place like Broomfield that has seen a lot of growth and has seen a lot of market-rate devel- opment over the years. So, for us to be helping alleviate the pressure on housing in a high- growth area like Broomfield feels pretty good.” The capital stack includes $42 million in tax-exempt and tax- able construction loans from U.S. Bank; $20 million in federal low-income housing tax credits and $4.8 million in accelerated state tax credits provided by Colorado Housing and Financ- ing Authority; $2.6 million in HOME Investment Partnerships Program funding and eight Sec- tion 811 vouchers, to support individuals with disabilities, from the Colorado Department of Local Affairs; $4 million in total funding from the city and county of Broomfield; and a combined $1.8 million from Col- orado Clean Energy Funds. UDG is the inaugural recipi- ent of CHFA’s accelerated tax credits. CHFA also induced $33 million in private activity bonds, which allowed the remaining aspects of the capital stack to close. The financing also fea- tures a cash-backed bond struc- ture. UDG closed on the financing and land for the development concurrently but declined to disclose the sales price. “The city and county of Broomfield is thrilled to be able to support the development of Harvest Hill,” said Broomfield Mayor Pro Tem Deven Shaff. “This community showcases our commitment to making housing more attainable in our city, and we are proud to part- ner with developers like UDG who are helping make this com- mitment a reality.” The 160,000-square-foot affordable housing communi- ty will include one-, two- and three-bedroom units reserved for individuals and families earning between 30% and 70% of the area median income. Units will feature hard-stone countertops, in-unit washers and dryers and Energy Star-rat- ed appliances. The community will offer several shared ameni- ties, including a pocket park, an outdoor grill area, a fitness center, an event and craft room, and on-site leasing offices. The community is adjacent to the Harvest Station Apart- ments, a market-rate multifam- ily community. Both projects are positioned a quarter mile from RTD’s Broomfield Station, offer- ing connectivity to the Denver and Boulder metro areas. Kephart is the architect for the project, and Taylor Kohrs is serving as the general contrac- tor. Harvest Hill is UDG’s second new construction community in Colorado. Its first, the 55-plus community The Meadowmark, recently opened in Castle Rock and is currently leasing. Last summer, the group acquired the 120-unit Eagle Villas Apart- ments tax-credit community in Eagle, the 103-unit Pinewood Lodge Apartments senior hous- ing community in Aurora, and the 170-unit Columbine Towers building in Denver. “UDG is actively pursuing both new construction and pres- ervation of affordable housing across Colorado, with a focus on the Front Range, rural mountain resort towns and the Western Slope,” Greer said. “While both approaches are important, pres- ervation projects can be more challenging to advance without certain resources, like a Sec- tion 8 Housing Assistance Pay- ments contract in place. UDG remains committed to creating and sustaining affordable and workforce housing options that strengthen communities across Colorado.” UDG develops, acquires and invests in affordable and work- force housing, with a portfolio spread across five states. The company has plans to build or preserve 1,300 more housing units by the end of 2026. s Ulysses Dev. Group closes on financing stack for Harvest Hill Ulysses Development Group closed on financing and construction loans for the development of Harvest Hill, a 152-unit affordable housing com- munity at 11801 Wadsworth Blvd. Kirsty Greer