The Michaels Organization To Host Ribbon Cutting For New Affordable Multifamily Community In Fort Lupton
FILED TO: Uncategorized
Contact: Laura Zaner, 856-988-5983, lzaner@tmo.com
Fort Lupton, CO – On Tuesday, April 23, 2024, Fort Lupton Mayor Zo Hubbard will join executives from The Michaels Organization, the Colorado Housing and Finance Authority, and the Colorado Department of Local Affairs, as well as residents to celebrate the grand opening of Sagebrush Apartments, a new affordable housing community.
Who: Speakers will include the Honorable Zo Hubbard, Mayor of Fort Lupton; Jim Weglarz, Regional Vice President of Development at The Michaels Organization, Steve Johnson, Colorado Housing Finance Authority Director of Community Development; and Maria De Cambra, Colorado Department of Local Affairs Executive Director.
When: Tuesday, April 23, 2024 | 11 AM MDT
Where: 1365 2nd Street Fort Lupton, CO 80621
Details:
Sagebrush Apartments is the first newly constructed affordable living community developed in Fort Lupton in more than 15 years.
The community offers 72 apartment homes in the heart of Fort Lupton’s city center. The location, which is just over 30 minutes outside of the Denver area, is close to shopping, grocery stores, health clinics, schools, and various other amenities. The community comprises two 36-unit buildings with a total of 24 one-bedroom units, 36 two-bedroom units, and 12 three-bedroom units. The property also includes a 2,300-square-foot clubhouse and leasing center.
Sagebrush Apartments was financed by a variety of public and private funders. The development received 20 project-based vouchers from Weld County Housing Authority. The development’s special limited partner, Fort Lupton Housing Authority’s participation, assisted in obtaining a PILOT for real estate tax relief. Low-Income Housing Tax Credits were provided by the Colorado Housing Finance Authority. The tax credits were syndicated by Berkadia Affordable to the end investor, Bank of Montreal (formerly Bank of the West), who was also the construction lender. The Department of Local Affairs provided vital Housing Trust Funds. Sagebrush will also go through a permanent loan conversion using the CHFA HUD Risk Share loan program.
In addition to Michaels, the development team includes architect Kephardt and General Contractor BC Builders. The property will be managed by Michaels.
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