Ulysses Development Group (UDG), partners, and Colorado Governor Jared Polis came together today to celebrate the grand opening of The Meadowmark, a 200-unit, affordable housing community for adults 55 and over.
Situated in the vibrant Meadows neighborhood in Castle Rock, The Meadowmark broke ground in the spring of 2023 and offers a plethora of amenities for residents, including a craft room, community kitchen, fitness center, bike storage room, yoga deck, and an outdoor grilling area. Each apartment is thoughtfully designed with the comfort and convenience of residents in mind, featuring abundant natural light, in-unit laundry, spacious walk-in closets, and energy-efficient appliances.
“The Meadowmark is UDG’s first new construction community in Colorado. Designed specifically for those 55+, The Meadowmark offers a unique opportunity for residents to enjoy high-quality housing at an affordable price. It is a testament to the strong collaboration among our mission-driven partners from across the community,” said Connor Larr, Partner at Ulysses Development Group.
“Each grand opening of new homes proves that by removing unnecessary government barriers, the market is responding to the deep need for more housing Coloradans can afford across the state. Today we unveiled 200 new homes in Castle Rock for hardworking Coloradans and families, and I look forward to building on our progress, making more housing for Coloradans and our families,” said Governor Polis.
The Meadowmark came to fruition through a combination of public and private funding sources. Key financial support for this project includes $28.8 million in federal tax credits provided by Raymond James and $34.89 million in Private Activity Bonds issued by the Douglas County Housing Partnership. UMB Bank played a pivotal role by providing both tax-exempt and taxable construction loans. In addition, the Department of Local Affairs (DOLA) provided $6 million, and long-term financing was secured through a $31.3 million Freddie Mac loan, serviced by Berkadia.
“The Meadowmark Apartments represents collaborative, community-focused development, which the Douglas County Housing Partnership is proud of. By supporting this project, we’re investing in attainable housing solutions that meet the needs of our aging and growing population. The Meadowmark is an example of what can be accomplished when public and private partners come together,” said Douglas County Housing Partnership Executive Director Maria Ciano.”
For more information or to schedule a tour, please visit www.meadowmarkapts.com or contact the leasing office at (720) 644-8879.
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Ulysses Development Group (UDG) develops, acquires, and invests in affordable and workforce housing, harnessing best-in-class practices and long-term solutions for all stakeholders and communities. For more information, visit UDG’s website at https://www.ulyssesdevelopment.com/