Loan Type: Affordable Housing
Total Development Cost: $4,873,500
Times Leveraged: 40.33x
Loan at a Glance:
The Economic Justice Partnership Fund (EJPF) closed its first loan in 2022. The loan was sourced and closed with the help of Housing Assistance Council (HAC). Through his entity Bootes Holdings, Louis Lukondi, will use the funds for the construction of a workforce/affordable housing building in Trinidad, CO. This loan supports EJPF’s goal of partnering with small and medium size CDFIs that serve rural areas. This loan will expand PCG’s relationship with HAC, a national non-profit that supports affordable housing in rural areas.
Project Summary:
The completed property will have 24 new affordable housing units for residents with incomes below 80% and 120% of AMI. The site is in a CDFI Investment area and a rural and majority-minority census tract. This project will help meet the housing demand in an area with 93% of the existing stock being over 20 years old and 48% of renters paying more than 40% of their income for rent.
Borrower Summary:
Mr. Lukondi has worked in commercial real estate banking and real estate private equity for five years, with work experience in multifamily lending at Bank of America, real estate securities at Pontus Capital, and project management for real estate developer HomeFed Corporation. Mr. Lukondi also owns a 10-unit multifamily property in Fort Garland, Colorado, financed by HAC.
Loan Result:
The loan will bring a new multifamily housing development to a residential area near the central business district of Trinidad. Trinidad is a main hub for shopping and critical services for the surrounding rural area.