December 18, 2012
Denver, CO - December 18, 2012 - W.G. Nielsen & Co., a leading investment banking firm headquartered in Denver, announced today that it acted as financial advisor to the development team comprised of Henry Burgwyn and Rick Johnston in securing equity for the construction of a 101 unit apartment community (the "Project") for independent elderly residents (62 years and older). The equity secured by W.G. Nielsen & Co. was augmented by the sale of Low Income Housing Tax Credits, as well as equity contributed by the development team. Further, a construction / permanent mortgage was procured through the issuance of tax exempt bonds by the Colorado Housing Finance Authority (CHFA) through the CHFA / FHA Risk Sharing Program.
Known as Residences at University Hills, the Project is located at 2775 South Brook Drive Denver, CO, immediately east of the University Hills Shopping Center on Colorado Boulevard. The building will total five stories, with one level of underground parking and four stories of living space. Planned units include 11 1-BR / 1-BA units, 21 2-BR/2-BA units and 45 2-BR/2.5 BA units. In addition to market rate units, a significant percentage of the units will be available to residents who qualify as "very low Income" and "low income".
Bill Nash, Director at W. G. Nielsen & Co., was pleased to work with the development team in this complex transaction. "This infill site is excellent, and serves an area with a very strong concentration of seniors, many of whom have lived in the proximate area for most of their adult lives. The location is very walkable, with numerous restaurant and retail options within a few blocks. Several bus stops are adjacent to the site, and a light rail station is only half of a mile away. We consider this transaction a true win-win for the community and the developer."