BWE, a national commercial and multifamily mortgage banking company, announced that it has secured a $39,488,600 HUD 221(d)(4) loan to finance the development of Pueblo Springs, a 199-unit, Class A market-rate apartment project in Pueblo, Colorado.
James Swanson, executive vice president from BWE’s Phoenix office, originated the financing through the US Department of Housing and Urban Development’s 221(d)(4) Mortgage Insurance Program on behalf of the borrower, ESH Development, LLC. The HUD-insured financing provides for a combined construction and permanent loan for Market Rate multifamily projects. The non-recourse, fully assumable loan features a 40 year, fully amortizing loan which will qualify for HUD’s reduced “Green” upon final construction and delivery of units.
“We’re proud to work with our long standing client ESH Development to secure favorable financing that will allow them to create almost 200 units of much-needed housing in Northwest Pueblo,” said Swanson.
As part of this economic development, the project represents the residential component of the future Quail Ridge Master-Planned Mixed-Use Development, which will also include big box retail, in-line retail, and other commercial pads directly south of the Pueblo Springs.
Pueblo Springs Apartments will be a Class A 199-unit multifamily project with top-of-market amenities. The units will be appointed with features such as nine-foot volume ceilings in select units, walk-in closets, ceiling fans, private balconies or patios, soaking tubs, breakfast bars, pantries, stainless steel and Energy Star rated appliances including in-unit washer and dryer, and granite or quartz counters. Community amenities will consist of a clubhouse with Wi-Fi, fitness center, business center/e-lounge, community room with gourmet kitchen, bike storage, heated pool and spa, BBQ and picnic areas, walking paths, extensive landscaping, 24-hour emergency staff, and gated entry. The project will additionally be built to a high standard of energy efficiency. Colorado Structures Inc. is the general contractor for the project.
“I have worked with Jim Swanson’s team for over 30 years. They are super to work with – not only for their honesty and integrity – but also for their ability to get things done. They have also developed a great working relationship with HUD,” said Emery Chukly, President of ESH Development, LLC.
