Bond Counsel for Boulder Housing Partners Acquisition of Tantra Lake ApartmentsNews | May 16, 2017
On March 24, 2017 Boulder Housing Partners (BHP) issued its $29,705,000 tax-exempt promissory note to finance a portion of the purchase price of the Tantra Lake Apartments. Kutak Rock served as bond counsel to BHP.
In addition to the proceeds of the tax-exempt promissory note, and other funding sources, the $45.6 million purchase of Tantra Lake Apartments included $7.3 million from the City of Boulder’s Affordable Housing Fund and the Community Housing Assistance Program Fund.
BHP acquired the 185-unit apartment community in south Boulder, Colorado in partnership with the City of Boulder to create a dynamic new mixed-income community. The Tantra Lake Apartments community, located at 1000 West Moorhead Circle, includes 1, 2 and 3-bedroom apartments. Seventy-five apartments will be made permanently affordable for households earning up to 60% of Area Median Income, and the remaining 110 apartments will be leased at rents intended for middle-income earners. Monthly rents for the 75 affordable apartments are expected to range from $1,000 (one bedroom) to $1,400 (three bedroom). BHP will own, maintain and operate Tantra Lake Apartments.