$25-Mil Loan Kicks Off 300-Unit Apartment Project

COLORADO SPRINGS, CO-Metropolitan Funding Corp. has closed a $25-million loan for the construction of a class-A garden apartment community in Colorado Springs, located about 60 miles south of Denver.

Metropolitan Funding Corp. is a national HUD/FHA approved Multifamily Accelerated Processing lender. It had closed the loan for the 300-unit Vineyards Apartments through the FHA 221 (d)4 program. Forest City Equities Inc. of Houston is the developer.

The Vineyards will be a 22-building community on 21 acres. Buildings will range in size from 2 and 3 stories. The community includes garages, carports and storage facilities. The clubhouse contains a pool, fitness center, business center, spa and playground. Each unit features a full amenity package including microwaves and washers and dryers. Projected rents for the 300 units average $1 per sf, for the one-, two- and three-bedroom units.