The Nest Communities portfolio is comprised of three properties located in Boulder, Colorado. The three properties total 238 units.
$41,750,000 fixed rate tax-exempt bond financing providing construction and permanent loan capital. The bond financing was done under one directly purchased bond issuance, cross-collateralizing the portfolio and allowing for one streamlined closing with significant cost savings.
Red Stone purchased $41,750,000 of fixed rate tax-exempt bonds used to acquire and preserve the portfolio. All income producing units in the portfolio are rent and income restricted under the LIHTC program. Additionally, significant support was provided by the City of Boulder. As part of the capitalization, the properties received substantial upgrades and capital work totaling over $45,000 per unit in hard costs.
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The Nest Communities in Boulder Now Leasing, The Michaels Organization