Ulysses Development Group (UDG) has secured financing to develop a 49-unit affordable housing community in Aurora, Colorado.
The new community will be home to working households earning 40% to 60% of the area median income.
“UDG is excited to close on The Grove at Pinewood, which is our first 9% tax credit project,” said Blaise Rastello, vice president of development at UDG. “The opportunity to bring more attainable, accessible, and high-quality housing to Aurora is one we couldn’t pass up. We couldn’t have done this without the collaboration between our mission-driven partners.”
The development is close to several bus stops to allow easy access to jobs, schools, and services. In addition, it is next to Pinewood Lodge, an existing senior community, creating an opportunity for residents of different generations to connect. UDG plans to offer programming that brings the two communities together.
Community amenities will include on-site property management, a fitness center, a clubhouse, a playground, outdoor bocce ball courts, and an outdoor ping-pong table. Units will feature a washer and dryer, stainless steel appliances, stone countertops, and laminate flooring.
“The Grove at Pinewood will expand affordable housing opportunities for individuals and families in Aurora while connecting residents to transit, schools, parks, and other community resources,” said Thomas Bryan, executive director and CEO of Colorado Housing and Finance Authority (CHFA).
The $24.7 million development is made possible by financing from public and private partners, including:
- 9% federal and state LIHTCs, Prop123 funds, and transit-oriented tax credits administered by CHFA;
- An $18.9 million construction loan from UMB;
- A $5.5 million permanent loan from Merchants Bank and Freddie Mac;
- $14.7 million in federal tax credit equity from Raymond James Affordable Housing Investments; and
- $2.5 million in state tax credit equity from Stonehenge Capital.
In addition to The Grove at Pinewood, Denver-based UDG recently broke ground on Ponderosa Pines in Parker, Colorado, which is expected to be complete by the end of 2028, and Harvest Hill in Broomfield, Colorado, is under construction and expected to be complete in late 2026.