August 10, 2016
Medici Communities has acquired approximately 1.8 acres from Englewood Urban Renewal Authority for $1.7 million. The Colorado developer’s plan is to launch construction on Broadway Lofts, a mixed-use project on the acreage at 3401 S. Broadway in Englewood, CO.
The project will offer 111 one- and two-bedroom apartments in two five-story buildings. Also included will be 11,000 square feet of retail and commercial space, as well as 194 parking spaces. The $19 million development has been in the works for approximately two years.
Medici is receiving financing to the tune of $18.8 from Wells Fargo Bank and Cornerstone Permanent Mortgage Fund III LLC. Also involved in funding is Boston Capital Partners II Corp.
For comments, questions or concerns, please contact Amy Sorter