MHCLF’s $715,000 loan to St. Charles Town Company supports the Zephyr Apartments project to be located in Jefferson County. Project financing was structured as a 24-month acquisition loan of $515,000 and a $200,000 predevelopment loan. The site will be developed using 4% LIHTC and HUD financing.
Zephyr Apartments will stand on a 46,200 sq. ft. parcel located at 14th and Allison Street in Lakewood and will be within three blocks of the West Line Light Rail Station at Wadsworth. The 94-unit, low- to moderate income multi-family housing project will consist of one, two and three bedroom apartment homes, a clubhouse, 65 off-street parking spaces and 31 on-street parking spaces. The project expects occupancy early- to mid-2015 with 100% of the units targeted to households at or below 60% AMI.