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COLORADO SPRINGS, CO-Related Capital Co. of New York City, which describes itself as the second-largest owner of multifamily properties in the nation, is entering the Colorado market. As part of a $29-million deal involving debt and equity to Southwest Housing Development, it purchased two affordable housing complexes in Texas and one in Colorado Springs.

Of the $29 million, the company provided $7.5 million in equity for the 144-unit Shadow Mountain complex on eight acres on North Nevada Avenue near Downtown. In addition, PW Funding, a company sponsored by Related Capital, provided $7.5 million in financing to the Colorado Springs location.

The company says it has high growth expectations for Colorado. It received one of the largest awards of tax credits in recent history for its Colorado entry.

“Affordable housing development in the southwest is robust by any standard, and we’re committed to and confident of our investment in the region,” says Justin Ginsberg, senior vice president of Related Capital Co.

”We’ve set our sights on Colorado as the next land of opportunity where we can offer the same quality affordable housing to residents as our Texas constituents have become accustomed,” says Brian Potashnik, president of Southwest Housing Development, which together with Related Capital has developed more than 2,400 multifamily units.

Shadow Mountain is expected to do well, as the area is a military, aerospace and high-tech hub and the complex offers excellent access to the central business district.

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