Colorado Real Estate Journal - January 7, 2015
Colorado Structures Inc. has broken ground on the second phase of the Vistas at Jackson Creek apartment community in Monument. CSI is the owner, developer and contractor for the 90-unit property at the northwest corner of Leather Chaps Drive and Old Forest Point in the mixed-use Jackson Creek development. The latest phase of the Vistas at Jackson Creek, designed by Kephart, is targeted for an October/November completion. The challenge in getting the second phase of development financed was dealing with cross easements and reciprocal-use agreements allowing residents of the second phase and the 177-unit first phase, which contains all the amenities for the overall project, such as the clubhouse, to share amenities and roadways, noted Peter Wessel of Love Funding.
Wessel of the Denver office of Love Funding secured the $11.5 million construction-topermanent loan through the U.S. Department of Housing and Urban Development’s 221(d)(4) program. The loan includes a 13-month construction period, a 40-year permanent loan term and a rate (not including mortgage insurance premium) locked below 4 percent. Riverstone Residential Group will manage the community.