LONGMONT, Colo., June 8, 2022 – Hunt Capital Partners, in collaboration with Prospect and CVS Health, celebrated the grand opening and ribbon cutting for Fields on 15th Apartments today at 1 pm. Located at 800 15th Ave., in Longmont, Colo., Fields on 15th is a new, low-income housing development. Featuring 88 units for families earning up to 50 and 60 percent of the area median income, Fields on 15th addresses an acute rental unit shortage for moderate and low-income families in Longmont, one of the fastest growing cities in the Western region of the U.S.
The ribbon cutting ceremony, a football-themed event inspired by the history of the Fields on 15th, which was built on the former Peterson Football Field, took place at the entrance of the apartments and in the property’s clubhouse. To mark the moment, speeches were given by Senator Sonya Jaquez Lewis; State Representative Dr. Karen McCormick; Longmont Mayor Joan Peck; Denise Tamulis, tax credit allocation officer at Colorado Housing Finance Authority; Scott McFadden, principal at Prospect; Amy Dickerson, managing director, investor relations at Hunt Capital Partners; and Bryan Rodriguez, director of Middle Market Commercial Business Sales and Services, Aetna, a CVS Health company. Residents also spoke about the impact of this development. A local vendor, Green’s Point Catering, provided “tailgating” appetizers, including meatballs, poppers and pretzel bites, to coincide with the theme. CVS Health served as one of the sponsors of the grand opening.
“The Fields on 15th development is a great example of how public initiatives to create affordable housing are realized,” said Prospect Principal Scott McFadden. “Prospect is grateful for the opportunity to provide this fantastic living environment for families in Longmont.”
“Longmont is a thriving city, however, one in 10 residents continue to live in poverty, creating a serious affordable housing shortage that Fields on 15th is helping to address,” said Hunt Capital Partners Managing Director of Investor Relations Amy Dickerson. “Providing affordable housing for communities creates greater access to financial stability and increases our residents’ ability to spend their limited resources on gas, food and family activities. We’re thrilled to join our partners in celebrating the completion of this project for low-income families.”
Fields on 15th provides new, modern housing that includes unit sizes designed to accommodate large families, at an affordable price point for workforce households in expensive Boulder County. Because the property was built on a former football field, the names of individual floor plans have been named after stadiums (e.g. “Mile High,” after the “Mile High Stadium” in Denver). The development’s unit mix includes nine one-bedroom, 29 two-bedroom, 34 three-bedroom and 16 four-bedroom apartments. Residents also enjoy community amenities, including a business center, community room, exercise facility, playground, picnic area, dog wash station, on-site management and parking spaces.
The total development cost for Fields on 15th is $25 million. Hunt Capital Partners provided $7.8 million in federal LIHTC equity financing and syndicated the tax credits through its multi-investor fund, Hunt Capital Partners Tax Credit Fund 37. The fund includes eight investors, including CVS Health, which made a $1.5 million investment to develop Fields on 15th.
“When people have access to high-quality, affordable housing, it puts them in a better position to take care of their health and well-being,” said Bryan Rodriguez, director of Middle Market Commercial Business Sales and Services, Aetna, a CVS Health company. “As part of our commitment to advance health equity, we’re addressing housing insecurities in communities like Longmont where we can make a meaningful and lasting impact on the lives of individuals and families.”
Additionally, Fields on 15th is one of the first affordable housing developments to be constructed under the city of Longmont’s new Inclusionary Housing Ordinance. This ordinance provides incentives for affordable housing through development fee rebates as well as a $500,000 loan from the city’s Affordable Housing Fund, which was established with that ordinance in 2019. Other funding sources for Fields on 15th Apartments include $20 million of tax-exempt and taxable construction financing from BBVA and $14.75 million of tax-exempt and taxable permanent financing from Lument through a Freddie Mac forward commitment.
Environmental Social and Corporate Governance (“ESG”) Investing
Hunt Capital Partners recognizes that its institutional investors are seeking to increase the social value of their investments to help further their ESG initiatives. An investment in affordable housing not only improves the living conditions of its residents, but it also helps to remove obstacles that stand in the way of creating a healthy, safe and stable home environment for low-income families and seniors. When families spend less on housing-related expenses, they have more resources available for other essentials such as food and clothing, or even extracurricular activities and educational programs. One of the most significant benefits to providing quality affordable housing is an increase in an individual’s physical and mental health. Hunt Capital Partners’ affordable housing investments create a lasting effect on the people and communities they serve for generations to come.
About Hunt Capital Partners
Hunt Capital Partners (HCP) is the tax credit syndication division of Hunt Companies, Inc. (Hunt). HCP specializes in the sponsorship of Federal and State Low-Income Housing, Historic, and Solar Tax Credit Investments funds. Since its inception in 2010, HCP has raised over $2.6 billion in tax credit equity in over 43 proprietary and multi-investor funds. HCP manages almost 760 project partnerships representing over 75,000 homes in 51 states and territories. Founded in 1947, Hunt is a privately held company that invests in businesses focused in the real estate and infrastructure markets. The activities of Hunt’s affiliates and investors include investment management, asset management, property management, development, construction, consulting and advisory. For more information on HCP, please visit www.huntcapitalpartners.com , or for Hunt, please visit www.huntcompanies.com.
Prospect is a Denver-based developer of residential communities focused on infill and transit-oriented development with expertise in the development and ownership of all types of multifamily housing including luxury rental, for-sale townhomes, and affordable rental. The Prospect team has worked together for over 15 years and brings over 50 combined years of experience with innovative and successful multifamily communities. Contact us at www.prospectprop.com.
About CVS Health
CVS Health is the leading health solutions company, delivering care like no one else can. We reach more people and improve the health of communities across America through our local presence, digital channels and over 300,000 employees including more than 40,000 physicians, pharmacists, nurses, and nurse practitioners. Wherever and whenever people need us, we help them with their health whether that’s managing chronic diseases, staying compliant with their medications, or accessing affordable health and wellness services in the most convenient ways. We help people navigate the health care system and their personal health care by improving access, lowering costs and being a trusted partner for every meaningful moment of health. And we do it all with heart, each and every day. Learn more at www.cvshealth.com.