DENVER – August 20, 2019 – Berkadia today announced the financing of Affinity at Copperleaf, a midrise, senior living community to be constructed in Aurora, Colorado. Managing Director Monica Newman of Berkadia’s Denver office originated the $31.76 million construction loan through HUD. The borrower is Spokane-based Inland Group, and the deal closed on August 19th.
The 221(d)(4) construction-to-permanent loan features a 3.65 percent interest rate and an 85 percent loan-to-value ratio.
Affinity at Copperleaf Apartments will be constructed at 22000 East Quincy Ave., affording convenient access to Spring Creek Park and the shops and restaurants at the intersection of East Quincy Avenue and South Picadilly Street. The active-adult community offers its senior residents 30,000 square feet of amenities such as an indoor saltwater pool, a spa, a community garden, a fitness room, a yoga studio, a craft room, a game room, a wood workshop, a library, an internet café, a movie theater and a resident lounge and pub. Units in the property will soon be available to be reserved, and construction is anticipated to be completed by fall 2020.