Tuesday, March 13, 2012

Housing News Digest, March 13

Windfall could give Fort Lyon new life
DENVER — Fort Lyon Correctional Facility in Bent County could find new life as a transitional housing center for military veterans.

The Colorado Attorney General’s Office confirmed on Monday that converting the recently vacated state prison is one of several ideas on the table for a windfall from a multistate settlement with mortgage lenders.

Dallas firm plans apartment complex in Springs
A Dallas real estate firm that recently sold two apartment complexes in Colorado Springs now plans to build one.

WillMax Capital Inc. has proposed a 288-unit complex southwest of Interstate 25 and Nevada Avenue — joining the flurry of developers who plan or have started construction on several apartment projects in response to a booming multi-family housing market in the Pikes Peak region.

Colorado bank health improving as number deemed "problematic" declines

Colorado banks made improvements in their financial health last year, though the state still has a relatively high percentage of troubled institutions, according to a report Monday from the bank-rating firm BauerFinancial Inc.

The number of Colorado banks defined as "troubled and problematic" at the end of last year fell to 17.6 percent of the total, down from 27.4 percent a year earlier.

In brief: Larimer Home Ownership Program gets grant
The Colorado State Division of Housing has provided $236,000 to the Larimer Home Ownership Program, or LHOP, to continue its down-payment assistance program.

The program provides a 2 percent interest rate loan, up to $10,000, for first-time home-buyers purchasing in Larimer County, including the cities of Loveland, Berthoud, Estes Park and rural Fort Collins (Wellington, LaPorte).

Bascom Continues Denver Buying Spree Closing 492-Unit Apartment Community in Federal Heights, Colorado for $28,250,000

RVINE, Calif., March 13, 2012 /PRNewswire via COMTEX/ -- The Bascom Group, LLC has acquired Hyland Park Centre, a 492-unit community located in Federal Heights, Colorado for $28,250,000 or $57,419 per unit. Bascom worked with Brandon Smith and Brian Eisendrath of CBRE to arrange the financing for the purchase. Tim Shunta of Unique Properties represented the buyer and seller in the transaction. The acquisition for Bascom was managed by Jeffrey Fuller and Paul Miszkowicz. The sale expanded Bascom's Denver portfolio to 22 properties, totaling 8,002 units, ranking Bascom as the 2nd largest owner in the Denver metro. The onsite property management will be overseen by AMC.