May 24Predevelopment Loans to Brinshore Development and Mile High Development for Northfield Flats and Ralston Gardens
Two loans totaling $2 million will provide predevelopment funds for two new affordable housing communities in the Denver Metro Area
DENVER – Mercy Community Capital (MCC) has provided two predevelopment loans to Brinshore Development and Mile High Development for two new affordable housing communities, Northfield Flats, and Ralston Gardens. These communities will provide much-needed affordable housing and resident services for people living with low incomes in the Denver Metro area.
According to the National Low Income Housing Coalition (Colorado | National Low Income Housing Coalition (nlihc.org), there is a shortage of affordable rental homes available to extremely low-income households (ELI) whose incomes are at or below the poverty guideline of 30% of their area median income (AMI). In fact, many of these households spend more than 50% of their income on housing.
Both developments will provide affordable housing options in areas with ever-increasing rents and a growing need for affordable units. Northfield Flats and Ralston Gardens will feature one-two-and-three-bedroom apartment homes, as well as resident services for people with low incomes, with Ralston Gardens accepting vouchers for people exiting homelessness.
Northfield Flats – The affordable working housing project is located within the Northfield retail complex in Central Park, Denver’s premier mixed-use/TOD, master-planned community. The 128-unit, 4-story building will target between 30% – 80% AMI. This development will feature a large community room and a fitness center. Northfield Flats will also feature an energy star-certified white EPDM roof and will comply with National Green Building Standards with an assortment of sustainable features incorporated in the overall building design.
Ralston Gardens – This four-story, 102-apartment home family/workforce project is located in the heart of Arvada, Colorado’s “Ralston Valley” redevelopment area. It will target between 30% – 70% AMI. Ralston Gardens will also work with the Arvada Housing Authority (AHA) to utilize their project-based vouchers and their Homeless Navigation program to support Arvada’s homeless population. The Homeless Navigator program works to identify unsheltered, vulnerable neighbors and connects them with services and resources. Like Northfield Flats, Ralston Gardens will comply with the National Green Building Standard, seeking the Bronze Certification.
Mile High Development, a Denver-based developer has developed or co-developed over 50 commercial and residential projects in Colorado over the past 40 years, including all forms of mixed-use, office, retail, and residential projects.
Brinshore Development, LLC., is an experienced real estate development firm with twenty-eight years of expertise based in Evanston, Illinois. As an industry leader, Brinshore excels at creating diverse teams to transform the most complex development challenges into well-designed and vibrant communities.
These will be MCC’s first loans with both Brinshore and Mile High Development.
Contact: Kate Peterson | 303.830.3443 | email@example.com
About Mercy Community Capital: For more than three decades, MCC, a leading Community Development Financial Institution (CDFI), has provided financing to support affordable housing and community development across the nation. MCC has focused exclusively on funding affordable housing and essential community infrastructure projects that support affordable housing. By collaborating with socially-responsible developers, MCC has helped finance the development of single and multifamily homes for rental and homeownership. These developments help underserved communities, including people with low incomes, veterans, seniors, farm workers, people who have experienced homelessness, and people with disabilities. MCC is a subsidiary of the affordable housing nonprofit Mercy Housing, Inc. (MHI), headquartered in Denver, CO. For more information, please visit mercycommunitycapital.org.
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