Denver Regional TOD Fund Term Sheet

Denver Regional Transit-Oriented Development (TOD) Fund

Provides financing for the acquisition of property alongside transit corridors for the preservation or development of affordable housing and community facilities.

Project Types

• Multifamily affordable rental housing (for-sale may be considered)
• Mixed-use projects that provide community facility and/or non-profit space (ex. childcare centers, health clinics, charter schools, fresh food markets) in addition to housing
• Vacant/underutilized land that will be acquired for the purpose of producing either of the above

Development Parameters

• Located in the seven-county Denver Metro Area including incorporated cities; and
• Eligible sites in the City and County of Denver - Within ½ mile of an existing or future fixed rail station or within ¼ mile of a high frequency bus corridor
• Eligible sites in the Region (Region defined as Adams, Arapahoe, Boulder, Broomfield, Douglas and Jefferson Counties) - within ½ mile of an existing or future fixed rail station or a bus corridor.

Loan Amount & Term

• Up to $5 million for vacant land/non-operating properties
• Up to $7.5 million for preservation

Loan-to-Value Up to 90% of the lesser of the as-is appraised value or the purchase price.

Interest Rate

Fixed-rate; 3.44% (City and County of Denver) and 3.92% (Region)

Fees

• Application Fee: $2,500 non-refundable, credited toward origination fee
• Origination Fee: 1.5% of project loan, payable half at commitment and the balance at closing

Recourse

Up to 60% of the principal balance; if borrower is a special purpose entity, then the sponsor and/or principal(s) will provide a payment and repayment guaranty.

Collateral

Real estate in a first priority position. Other secured loans must be subordinate to the TOD Fund loan and subject to subordination and standstill agreements.

Repayment

• Quarterly interest-only payments; principal due at maturity or upon receipt of a repayment source
• Borrower must maintain sufficient unrestricted liquidity to support repayment. At Lender’s discretion, interest payments may be made from a capitalized interest reserve funded through loan proceeds.
• No pre-payment penalty

Contact Joseph Mattingly at 303.376.5414