In November 2015, MHCLF approved a $250,000 predevelopment loan to Medici Communities, LLC for their development of a 111 unit affordable housing project in Englewood that is to be known as Broadway Lofts. Broadway Lofts will contain 74 1-bedroom units, 37 2-bedroom units, and 10,988 square feet of commercial space. All affordable housing units will be set aside for households that have incomes of 60% of the area median income or less. The development of Broadway Lofts will utilize a combination of State Tax Credits, 4% LIHTCs, Private Activity Bonds, and Arapahoe County HOME funds.
MHCLF is pleased to be involved in the Broadway Lofts project and to be working with Medici Communities! The Broadway Lofts project is in an excellent location – downtown Englewood – where there are many transportation and employment opportunities for the residents.
Medici Communities has a long history of developing high-quality, multi-family affordable housing projects. In addition to Medici’s own projects, they also serve as consultants to nonprofits and housing authorities.
This loan will be the second MHCLF loan to Medici Communities. The other loan is a mini-perm loan for the financing of the commercial portion of the Florence Square development. It is a pleasure to be involved in this project and to be working with Medici again!