Spring Creek Apartments in Gypsum, Colorado, primarily developed by Gerry Flynn of Polar Star Properties, aimed to alleviate unaffordability burdens on multiple levels. Phase I provides 150 low-income housing tax credit units targeted at households earning up to 60% AMI. Phase II produced 132 units of ‘workforce housing,’ or households with AMIs of 80 to 120%, and includes 72 two- or three-bedroom apartments, which will help serve cost-burdened families.
Sharing Connexion provided a $1.75 million bridge loan under its Real Estate Impact program, which was used for planning and pre-development expenses for Phase II. The Phase II workforce housing is often referred to by affordable housing advocates as the “Missing Middle,” since moderate-income housing projects can be particularly difficult to develop due to lack of subsidies, high land valuations, and construction costs. Sharing Connexion was proud to support this project.
“It was also a pleasure working with you all. The only glitch we had was beyond our collective control [the delays caused by early days of processing COVID-19 PPP loans]. Everything after that went smoothly and we actually got it paid off prior to initial maturity… The bridge loan was a breeze. You all were easy to deal with and always solution oriented. We would absolutely work with you again if the opportunity arises,” says Gerry Flynn of Polar Star Properties.
