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Kutak Rock Serves as Bond Counsel to BHP for 30Pearl Community

News | November 11, 2019


Kutak Rock served as Bond Counsel to Boulder Housing Partners in connection with the issuance of the Housing Authority of the City of Boulder, Colorado, doing business as Boulder Housing Partners, of its Multifamily Housing Revenue Bond (30Pearl Apartments Project) Series 2019 in the original aggregate principal amount of $26,659,208. The Bond was issued for the purpose of financing a portion of the costs of financing the acquisition, construction, improvement, expansion, equipping and placing in service of the 30Pearl Community, a 120-unit multifamily housing project to be located at the northeast corner of 30th and Pearl Streets, Boulder, Colorado.

The 30Pearl community will consist of 120 permanently affordable homes located at the corner of 30th Street and Pearl Parkway in Central Boulder, Colorado. The apartment homes will be located in three separate buildings and will serve individuals and families earning 30 to 60% of the Area Median Income. The community will include 20 studios, 49 one-bedrooms, 42 two-bedrooms, and 9 three-bedrooms. The 4.6-acre site is located in the Boulder Junction neighborhood, a 160-acre redevelopment area that is being transformed into a mixed-use, pedestrian-oriented neighborhood with regional transit connections and public spaces to benefit the greater community. 30Pearl’s future residents will enjoy many building and community amenities including in-unit laundry, energy-efficient buildings, shared rooftop spaces, public art, underground parking and community gathering spaces in each building and around the community. The community will also include apartment homes for two at-risk populations: people with developmental disabilities in need of an independent living program, and individuals or families exiting homelessness. 30Pearl is expected to be completed in Spring 2021.

Fred Marienthal, John Bales and Jack McGill worked on this transaction.