The Notable by Zocalo Community Development is a 218-unit adaptive-reuse project in Lakewood, Colo.
The Notable by Zocalo Community Development is a 218-unit adaptive-reuse project in Lakewood, Colo.

A key piece of financing has been secured for a proposed five-story, 218-unit adaptive-reuse development in Lakewood, Colo.

Bellwether Enterprise Real Estate Capital, the commercial and multifamily mortgage banking subsidiary of Enterprise Community Investment, announced it has closed on a $47.6 million direct purchase of tax-exempt and taxable bonds to help finance the construction of The Notable.

Anthea Martin, senior vice president in Bellwether Enterprise’s Denver office originated the loan on behalf of the borrower, Zocalo Community Development, led by principal and CEO David Zucker.

Jim Gillespie, executive vice president, and Ilya Weinstein, vice president, in Bellwether Enterprise’s New York office, led the private placement.

The property consists of a four-story commercial office building, that has been gutted in anticipation of the rehabilitation.

The $62.7 million project will feature 10 studio, 165 one-, and 43 two-bedroom units. The affordable housing development will have 208 units available to households at or below 60% of the area median income (AMI). The remaining 10 units will be available at or below 50% of the AMI. The surrounding area is an established neighborhood located approximately 5 miles west of Denver’s Central Business District.

Common-area amenities will include on-site laundry facilities, a fitness center, an art studio, a performance studio, a rooftop deck, a dog washing station, a central courtyard, bike storage, and a leasing office.

Metro West Housing Solutions is a special member of the borrower, qualifying the property for the statutory exemption. RBC Community Investments is the low-income housing tax credit syndicator, and Colorado Housing and Finance Authority is the bond issuer for the deal.