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Kutak Rock Serves as Bond Counsel for Northfield Flats Project

News | March 17, 2023


Kutak Rock served as bond counsel in connection with the issuance and sale of the $16,777,000 City and County of Denver, Colorado Multifamily Tax-Exempt Mortgage-Backed Bonds (M-TEBS) (SOCIAL) (Northfield Flats Project) Series 2023A and the $2,713,000 City and County of Denver, Colorado Multifamily Housing Revenue Bonds (Northfield Flats Project) Series 2023B.  The Project financed with the Bonds, known as Northfield Flats, is located at the northwest corner of 4545 Xenia Street in the City and County of Denver, Colorado, on an approximately 2-acre site.  The Project is located directly adjacent to the Shops at Northfield retail and entertainment center, featuring a variety of retail outlets, full-service grocery, employment centers, with easy access to high-frequency bus lines and the Central Park light rail station. Construction of the Project is anticipated to commence in March 2023 and be completed approximately 18 months later.  The building construction consists of 1 building, including approximately 129 residential units with community space. Common area improvements will include: an office, a lounge with coffee bar, exercise room, office equipment for tenant use and meeting rooms.  Site amenities include: playground areas for various ages of children and families, landscaped courtyards between buildings with picnic areas to grill out or have large gatherings, a community garden and walking paths to encourage outdoor physical activity.  There are 77 parking spaces for resident use only.  The Project is expected to meet the Social MBS criteria under the Fannie Mae Sustainable Framework, because at least 40% of all units have rent or income restrictions in place making them affordable to households earning no more than 60% of area median income as adjusted for family size, thereby qualifying the Project as “Restricted Affordable Housing” under the applicable Fannie Mae Social criteria under the Fannie Mae Sustainable Framework.