Lincoln Avenue Capital secured financing for the construction of the 240-unit InterQuest Ridge Affordable Apartments in Colorado Springs, Colorado. Construction has already started in July, with the first units expected to come online in the summer of 2023 and the entire project is expected to be completed in the summer of 2024. A total of 20 units will be reserved for underserved veterans and their families in Colorado Springs who are associated with the Mt. Carmel Veterans Service Center.
In April, the developer applied to receive $43 million in tax-exempt development bonds. The company received $41.3 million in bonds Colorado Housing and Finance Authoritylater assigned to Citibank. The bank also provided a taxable mortgage of $17.7 million, according to El Paso County records. Aegon provided an equity investment in federal low-income housing tax credits, while Colorado Department of Local Affairs provided a gap loan.
Affordable Housing in Colorado Springs
According to public records, the property will have 30 one-bedroom units, 90 two-bedroom units, 108 three-bedroom units and 12 four-bedroom units. Community amenities should include a clubhouse with a full kitchen, an outdoor pool with seating, a covered pavilion with barbecue grills, a fitness center with a yoga room, and a playground. The development will seek National Green Building Standard Bronze certified.
Located at 10005 Federal Drive, the development will be approximately 3 miles northeast of the US Air Force Academy Airfield and approximately 13 miles north of downtown Colorado Springs. John Venezia Community Park is also less than 4 miles southeast of the development. Several retail, dining and entertainment options are available within a one mile radius.
In June, another affordable housing community for veterans opened in Madison, Wisconsin. A partnership between Gorman & Co., Dane County and Great Lakes Dryhootch developed the 59-unit Valor in Washington.