Property type: Mixed-use residential and commercial units.
Funding Source: Colorado LIHTC – CHFA 4%
Transaction type: Acquisition with Rehabilitation
Project Location: Denver, Colorado within the Denver Urban Renewal Authority area.
Property Size: 1 historic six-story building
D3G utilized staff from the Denver office to conduct a building evaluation used for the successful submission of a LIHTC application for Colorado Housing and Finance Agency (CHFA). The project required various building renovations, such as the conversion from a steam boiler to a natural gas fuel system, elevator modernization, exterior improvements, handicap accessibility enhancements, and full build-outs for the apartment units. The total project costs exceeded $48M, which provided the funds to renovate 39 affordable housing units, convert 12 market-rate units to affordable units, and adaptively reuse 55 new affordable housing units. Additional bond and funding sources included TIF, Fannie Mae (FNMA), and local and regional grants.
D3G worked closely with the development team, architect, and contractors to produce a Capital Needs Assessment (CNA) that evaluated the existing building conditions and infrastructure, along with providing a summary of the redevelopment actions planned. Our report outlines the projected 20-year capital expenses, enabling the new ownership to financially prepare to operate and manage the property once renovated.
D3G completed the assessment within 30 days of engagement and provided supportive services leading up to the application deadline.
Staff from D3G’s Denver office completed the inspection and report development. The report was reviewed by a Principal Engineer (P.E.) and supported by a Client Relationship Management team consisting of four members from D3G Headquarters in Midlothian, VA.
