Archway Communities, Inc., Announces Acquisition of Senior Affordable Housing Property
Archway Communities recently announced the purchase of Montview Manor in Denver. The 13-story building, constructed in 1964, makes the 11th property in Archway’s portfolio. It serves older adults, 62-plus.
Archway purchased the building from the Montview Building Corporation, an affiliate of Montview Presbyterian Church. Archway’s mission alignment and commitment to avoid displacing existing residents were distinguishing factors in its selection by the Montview Building Corporation.
“You might think it would be easier to preserve existing affordable housing rather than build new housing, but there are many challenges, especially for a mixed income property such as Montview Manor,” said Julie Stern, director of real estate for Archway. “We pushed the envelope on how to finance ‘naturally occurring affordable housing’ [NOAH] preservation and are grateful for the support of our funding partners.”
Financing for Montview Manor included:
- First mortgage through Impact Development Fund (IDF), a local Community Development Financial Institution (CDFI)
- A new secondary financing product from the Colorado Housing and Finance Authority, designed to support preservation projects
- Acquisition financing from the Colorado Department of Housing
- Grant and loan funds from the City of Denver, through the Department of Housing Stability
“This is a ‘naturally occurring affordable housing’ community that did not have formal long-term rent restrictions. In other words, it could have easily been converted to a market rate apartment project,” said Sebastian Corradino, Archway Communities CEO. “We are proud to have partnered with the Montview Building Corporation to ensure that this property will remain affordable to low- and moderate- income seniors for many years to come.”
Join Our Mailing LIst