Archway Communities has announced the acquisition of an affordable seniors housing community in Denver, Colorado. Built in 1962, Montview Manor comprises 88 units and stands 12 stories tall for lower income seniors. Montview Building Corporation, an affiliate of the Montview Presbyterian Church, sold the community, recently upgrading some of the units.
Financing for this community was provided by the naturally occurring affordable housing preservation (NOAH). Financing for the community included:
- A first mortgage through Impact Development Fund (IDF), a local CDFI
- A new secondary financing product from CHFA that supports 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
