Laradon

Developer: Gorman & Company
Location: Denver

Gorman & Company headed up the two-phase new construction of Laradon in Denver, a property that includes 223 affordable housing apartments and supportive social services for disabled residents. The two phases (known as The Elisabetta and The Stella) each include set-asides for disabled and homeless residents and 13,000 square feet of space for Laradon Hall Society for Exceptional Children and Adults, the primary service provider for the property.

Laradon is in the Globeville neighborhood of Denver, identified as an area vulnerable and susceptible to gentrification, with a threat of involuntary displacement for residents. The property not only provides the homes for residents, but also includes fully equipped kitchens, storage space, central laundry facilities with in-unit washers and dryers in the three and four-bedroom apartments.

The two phases included $25.4 million in 4% federal LIHTC equity ($10.7 million from Enterprise for Phase I, $14.7 million from National Equity Fund for Phase II). The LIHTC equity contributed 38% of the total funding for both phases of the property.

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