Deal marks the mission-driven affordable housing group's first financial closing on a ground-up development.
COLORADO SPRINGS, Colo., Aug. 3, 2022 /PRNewswire/ -- Lincoln Avenue Capital (LAC), a mission-driven acquirer and developer of affordable housing, announced this week that it closed on the financing for the construction of InterQuest Ridge Apartments. Once complete, this new community will provide 240 units of affordable housing for working families and individuals in northern Colorado Springs, an area of the city that currently lacks affordable housing options.
This opportunity was made possible through several financing partners including construction and permanent loans from Citibank; an equity investment in federal low-income housing tax credits from Aegon; an allocation of tax credits and tax-exempt bonds from Colorado Housing and Finance Authority and the City of Colorado Springs; and a gap loan from the Colorado Department of Local Affairs. Additionally, LAC partnered with the Colorado Springs Housing Authority to secure certain tax exemptions that will play a key role in bringing InterQuest Ridge to life.
InterQuest Ridge will support the housing needs of underserved veterans in Colorado Springs, which has one of the highest veteran populations in the country. Once complete, the apartments will prioritize 20 units for veterans and their families who are associated with the Mt. Carmel Veterans Service Center.
"Lincoln Avenue Capital is proud to partner with state and local organizations to support this landmark affordable housing development," said LAC CEO Jeremy Bronfman. "The diverse and extensive financing team demonstrates the power of public-private partnerships in developing quality, attainable homes in communities that need housing."
"We're committed to advancing solutions to our nation's affordable housing crisis, and our first ground-up development marks the beginning of a new chapter for LAC," said Brandon Hodge, LAC Director. "This development in Colorado Springs will help address the dire need for affordable housing in the community and allows residents to live in a place they are proud to call home."
Construction began July 2022, with the first units becoming available for occupancy in the summer of 2023, and the expected overall completion in the summer of 2024. InterQuest Ridge will feature many amenities for its families, such as a clubhouse with a full kitchen, outdoor pool area with seating, covered pavilion with barbeque grills, fitness center with a yoga room, and a playground for children of all ages.
LAC is prioritizing sustainability within the new development, as the project will be National Green Building Standard (NGBS) Bronze Certified. NGBS-certified buildings are constructed with systems and products that release fewer pollutants and improve indoor air quality for residents.
About LAC: Lincoln Avenue Capital is one of the nation's fastest-growing developers, investors, and operators of affordable and workforce housing, providing high-quality, sustainable homes for lower- and moderate-income individuals, seniors, and families nationwide. LAC is a mission-driven organization that serves residents across 21 states, with a portfolio of 109 properties comprising 20,000+ units.
About CSHA: The Colorado Springs Housing Authority is dedicated to providing and sustaining quality affordable housing by being innovative, performance oriented, and results driven. CSHA works to establish effective partnerships and sound fiscal practices to benefit the quality of life in the Pikes Peak Region.
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SOURCE Lincoln Avenue Capital