MGL Partners, a development firm specializing in multi-family and mixed-use development, recently announced that it has completed the closing and funding of a $41.1 million construction loan for The Carillon at Boulder Creek, a 117-unit independent living project for seniors in the heart of Boulder, Colorado. The nine-story building will be delivered fully completed by late summer 2010 to the operating partner for the project, One Eighty, LLC, a privately-held operator of senior housing. The 6.35%, 40 year loan is part of the Federal Housing Administration (FHA) 232 loan program and was originated by Amerisphere Financial and purchased by Evanston Financial. The loan is both construction and permanent with no interest rate or refinance risk at construction completion or through the 40-year term of the loan.
"In today’s challenging economic times where the majority of commercial real estate financings have been delayed or cancelled, we are extremely pleased to complete this loan for The Carillon at Boulder Creek project," said Greg Glade, Principal and Co-founder of MGL Partners. "We believe this project will help successfully position MGL Partners for future projects that will also provide significant value to the communities they serve."
"We are excited to have such a strong partner for The Carillon at Boulder Creek," said Dan Madsen, Chairman and CEO of One Eighty, LLC. "This is a much needed project in a community that is well known for its challenging development environment. The Carillon will serve active seniors with a high quality, lively place to live in a central Boulder location."