The Parallel: Strengthening a Denver community with affordable capital solutions

New Housing Supply Strengthens the Denver Metro Market 

The Parallel adds 280 energy efficient apartment homes to the Denver Metro area, with more than 55% of the units affordable to residents earning up to 80% of AMI. Through a $64.19 million Near Stabilization loan structured with DUS® lender CBRE, the borrower secured financing that offered lease up flexibility and long-term stability—helping support the continued expansion of much needed housing in the region.
 

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One-and-done financing with green benefits 

Near Stabilization provided the borrower with stable financing. The property received a Green Globes Multifamily for New Construction certificate, bringing an energy-efficient property to the community, with 58.6% of the units currently qualifying as affordable to 80% of area median income (AMI). 

Creativity powers a commitment to affordable housing 

Because we were able to offer lease-up flexibility on this Near Stabilization transaction, over half of The Parallel’s units ended up helping increase affordable housing in the Denver area. Fannie Mae is committed to using our innovation, industry leadership, and strong collaborative partnerships with DUS lenders to find innovative ways to help borrowers build America’s affordable housing supply in every market.
 

Repeat borrower secures attractive long-term financing

Fannie Mae understands market realities — and that deals don’t always wait for perfect occupancy stats. When CBRE structured a $64.19 million refinancing for The Parallel, Fannie Mae partnered with them to customize a financing solution that met the borrower’s goals.  Drawing on the Sponsor’s proven track record and prior Near-Stabilization executions, we were able to provide enhanced leaseup flexibility and deliver a financing structure designed for both immediate needs and long erm performance.