An example of a CHFA Multifamily Lending Preservation Rehab/Adaptive Reuse project.
Pancratia Hall
Denver, Colorado
Pancratia Hall, Denver
Purpose
Acquisition/Adaptive reuse of a prior school and dormitory building on the historic Loretto Heights college campus into 74 units of affordable housing for families
Who the Project Serves
Family households earning between 30 and 80 percent of AMI
Community Impact
This project preserves the historic four-story gothic-style building constructed in 1929, which had been vacant since 2017, and repurposed the building’s use for affordable housing. Amenities include a community garden, computer room, fitness center, picnic area, playground, storage lockers, bike workshop, and a conference room. The site has excellent access and frontage along an arterial street with a high volume of passing traffic that provides good visibility.
Project Partners
- Proximity Green
- Hartman Ely Investments
How We Got the Deal Done
- $12,500,000 issuance of Private Activity Bonds
- $8,225,000 permanent Partnership-to-Perm Affordable Bond Loan (PAIRABLE) loan with a 40-year term
- $600,000 CHFA Capital Magnet Fund (CMF) loan with a 17-year term
- $150,000 CMF grant
- Federal 4 percent Housing Tax Credits
Pair with These CHFA Programs
PAIRABLE loans can also be paired with CMF as subordinate debt if the debt coverage and other underwriting terms conform to CHFA Credit Policy.