To fill a funding gap caused by the COVID-19 pandemic, developer Highland Development Co. has secured $ 9.3 million in funding for Signalmen Apartments, an apartment building with 52 units in the West Colfax neighborhood of Denver . Tributary Capital arranged a $ 8 million home loan through First Western Trust
“As a Debt Advisor and Preferred Equity Partner, we are proud to be able to help Highland fund this project and build a new housing development at a time in demand,” said Jake Meilach, Managing Partner of Nebenkapital. “The agility and experience of our team have enabled us to act quickly and flexibly in order to find the right solution for you.”
Tributary was contacted by HDC to fill a funding gap at Signalmen Apartments caused by the COVID-19 pandemic. HDC had previously secured funding for the project, consisting of a construction loan and private equity, but COVID-19 drove construction costs up and slowed down schedules, requiring an additional $ 2.4 million to drive the new project costs cover. Tributary was able to secure a new home loan with a better credit-to-cost ratio, which in turn reduced the preferred capital requirement that Tributary could provide.
“We are excited to add another housing option to the Sloan’s Lake area, where current housing options have been increasingly pricing people. Signalmen Apartments gives residents the ability to live big without huge rental checks, ”said Paul Malone, President of HDC. “The units come with floor-to-ceiling cabinets to ensure that everything in your home has its place, along with additional storage space in the building. Residents can enjoy a taste of nature with bolted-on balconies and fenced-in courtyards, a great way to take advantage of the 300 days of sun in Colorado. “