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FirstBank Provides $55M Financing For Willoughby Corner Affordable Housing Development

Property Image
FINANCED
$55,000,000

Colorado

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Development Site
Financed 05/09/2024
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Property Image
FINANCED

FirstBank Provides $55M Financing For Willoughby Corner Affordable Housing Development

East Emma Street

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Development Site
Financed 05/09/2024
the dealplayerscompscontact
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Summary

COLORADO
Asset Type:Development Site
Transaction Type:Loan

Located on East Emma Street in Lafayette, CO, the property involved in this transaction is a Development Site. The loan amount for this development site stands at $55,000,000, with FirstBank providing the financing for the project. Molly Chiang of the Boulder County Housing Authority is the landlord overseeing the development of Willoughby Corner, a major affordable housing project in Colorado.

Summary of transaction details:

  • Property Type: Development Site
  • Transaction Amount: $55,000,000
  • Lender: FirstBank
  • Landlord: Molly Chiang - Boulder County Housing Authority

FirstBank's recent provision of $55 million in financing for the Willoughby Corner project showcases their dedication to supporting essential community initiatives and assisting developers in navigating intricate closing procedures, emphasizing their commitment to crucial community projects.

Players

FirstBank
FirstBank
LENDER

Details

FINANCED
IMAGE: 05/09/2024 ADDRESS: East Emma Street MARKET: Lafayette, CO ASSET TYPE: Development Site LENDER: FirstBank LANDLORD: Molly Chiang - Boulder County Housing Authority LOAN AMOUNT: $55,000,000 NOTE: FirstBank recently provided $55 million in financing for Willoughby Corner, a major affordable housing development in Colorado, demonstrating their commitment to supporting crucial community projects and aiding developers in navigating complex closing processes.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$55,000,000.00

Monthly NOI$366,666.67
Monthly Debt Service$347,637.41
Change in Cash Flow$0.00
Refinance Proceeds$0.00