Love Funding closed a $32.8 million loan for the construction and permanent financing of Rocket Apartments, a new market-rate community in Durango, Colorado. Rocket Apartments will offer 194 one- and two-bedroom units located in seven three-story garden-style walk up buildings on eight acres. The property will also contain a clubhouse and other high-end community amenities.
The development is being led by NE Development. NE has developed and built over 15,000 units with their construction arm NE Construction. The Rocket Apartments project was designed by BGO Architects and will be managed by NE Property Management.
The financing was secured by Love Funding Senior Director Leonard Lucas through the U.S. Department of Housing and Urban Development’s 221(d)(4) loan insurance program. The program provides low-rate, non-recourse financing for the construction and permanent financing of up to 40 years for multifamily properties. For more information, contact Leonard Lucas at (617) 638-0055 x28