AURORA, COLO. — Bellwether Enterprise Real Estate Capital (BWE) has arranged a $43 million loan for the construction of 15 Sable Apartments, an affordable housing development in Aurora. The total project cost is $56 million. Anthea Martin, senior vice president in BWE’s Denver office, originated the loan through a private placement on behalf of the borrowers, DBG Properties and Featherstone Development. Completion is slated for March 2025.
The 154-unit property will contain a mix of one-, two- and three-bedroom floor plans. Units will be reserved for families earning at or below 70 percent of area median income (AMI) as well as 12 units set aside for households earning no greater than 30 percent AMI. The developers have committed to keeping the property affordable to lower-income residents for at a minimum of 40 years.
Other partners on the include the City of Aurora, Aurora’s Housing and Community Services Department, Aurora Housing Authority (AHA), Colorado Housing and Finance Authority (CHFA), Colorado Department of Local Affairs Division of Housing (CDOH), Arizona-based Affordable Housing Partners (AHP) and the Regional Transportation District (RTD).