LAKEWOOD, Colo.--(BUSINESS WIRE)--FirstBank, one of the nation’s largest privately held banks and Colorado’s second largest bank, is financing a $13.25 million construction loan for Alto Apartments, a mixed-use, affordable housing development in Westminster.
The multiuse building, located at the northwest corner of 71st Avenue and Federal Boulevard, will include 70 affordable housing units and 18,750 sq. ft. of commercial office space. It’s expected to be completed by late 2017 and will provide qualified low income families one, two and three bedroom apartments, ranging from $450 to $1,038 monthly.
“Our goal is to continue to make Colorado a great place to live; supporting affordable housing is one of the ways we intend to do that,” said John Ikard, CEO of FirstBank. “This new development will help get good, hard working people into homes and we’re proud to help Adams County Housing Authority and Gorman & Co. bring this vision to Westminster.”
Residents will have access to several amenities, including a bicycle garage, dog washing station and will have nearby access to the newly opened RTD light rail Westminster Station.
“We are excited to get started on the first phase of our redevelopment plan for this area and are proud to have FirstBank as our financing partner. FirstBank has financed several of our past projects and they’ve been a longtime partner of our organization,” said Donald May, the executive director of ACHA. “We’re glad they could help finance this project and continue to be a resource for affordable housing.”
Alto Apartments is a part of a larger revitalization effort in Westminster aimed at bringing more retail, restaurant, housing and transportation options to the city. FirstBank has been the main financial partner in some of metro Denver’s largest redevelopment and historic preservation projects, including Union Station, the Denver Pavilions and Larimer Square.
The bank offers a variety of business loans, including SBA loans, commercial real estate loans, construction loans and business loans for working capital or fixed asset needs. For more information on the bank’s business products and services, visit efirstbank.com/business or email firstname.lastname@example.org.
FirstBank operates more than 120 locations in Colorado, Arizona and California. FirstBank is the largest locally owned banking organization in Colorado, serving more than 700,000 customers. Since 2000, FirstBank has contributed more than $50 million and thousands of volunteer hours to charitable organizations. FirstBank is unique in that a majority of its stock is owned by management and employees. For more information, go to www.efirstbank.com.