An example of a CHFA Multifamily Lending Preservation Rehab/Adaptive Reuse project.
Eiber Village at Garrison Station
Lakewood, Colorado
Eiber Village at Garrison Station, Lakewood
Purpose
Acquisition/Adaptive reuse of the prior Hospice of Saint John, which was designated a Local Historic Site by the City of Lakewood in 2018
Who the Project Serves
Seniors 55+, with 50 units serving households at 30 percent AMI and 60 percent AMI
Community Impact
This property was revitalized after sitting vacant and considered blighted since 2014. The site is adjacent to RTD’s West light rail line with connection at Garrison Station, offering easy transportation access amid local resources.
Project Partners
- Hartman Ely Investments
- Giving Tree Communities
- Metro West Housing Solutions
How We Got the Deal Done
- $9,670,000 (const)/$4,050,000 (perm) Construction and Permanent Affordable Bond Loan (CAPABLE) with a 24-month construction term and a 17-year perm term with a 38-year amortization
- $750,000 CHFA Housing Opportunity Fund (CHFA HOF) gap financing loan with a 30-year term
Pair with These CHFA Programs
CAPABLE loans can also be paired with the Capital Magnet Fund (CMF) as subordinate debt, as long as the debt coverage and other underwriting terms conform to CHFA Credit Policy. HOF may be paired with any of CHFA's senior debt programs.