Lending Projects

Mile High Community Loan Fund (MHCLF)
Seedco Financial provided a 50/50 matching loan of $500,000 to enable MHCLF, a Denver CDFI, to increase the capitalization of its loan fund for nonprofit and for-profit developers of affordable housing and nonprofit community facility development projects. Since its inception in 1999, MHCLF has issued over 97 loans at a total amount exceeding $33 million, supporting the development of approximately 3,000 units of affordable housing and more than 50,000 square feet of nonprofit facilities space in the Denver area.

This loan supports small- and medium-sized developers of affordable housing and nonprofit facility development in underserved areas. The first proposed project will have 38 one- and two-bedroom rental units with 4,000 square feet of commercial space on the ground floor.

Neighborhood Flix Cinema & Café
This project supports the operation of a three-screen independent movie theater with a restaurant and completes the redevelopment of the Historic Lowenstein Theater. Seedco Financial’s $850,000 working capital/small business loan to Neighborhood Flix Cinema & Café was used for the purchase of furniture, fixtures, and equipment; and an “emergency” operating capital fund required by the SBA for its construction loan.

This investment, which created 32 new full-time jobs, was conceived of and led by a team of minority and women business owners. It will help revitalize the blighted economy of the east Colfax corridor.

RiverClay Condominiums
This project provides below-market financing for the construction of a mixed income, 60-unit homeownership project in Jefferson Park that will be Denver's first Leadership in Energy and Environmental Design (LEED)-certified green affordable condominium project. This construction loan will repay the developer's existing mezzanine construction loan. Construction completion and occupancy scheduled for June 2008. With a $931,000 from Seedco Finanical and $470,000 from our partner, Mile High Community Loan Fund, the total investment in the project is $1.4 million. There is also construction financing and mezzanine financing by United Western Bank and Merchants Mortgage.

The loan will enable the developer to ensure that at least 10 percent of the units will be affordable for low-income homeowners, and that a significant portion of the other units are affordable for moderate- and middle-income homeowners.

At completion, the project will create seven new jobs for nearby residents.

Pueblo YMCA Community Campus
Seedco Financial subsidiary, ERF, made a $9 million New Markets Tax investment to enable the expansion of an existing, seriously overcrowded YMCA, and the creation of a 240-acre campus in Pueblo, Colorado with state-of-the-art athletic and community facilities. The YMCA will also create an outdoor sports complex with multi-purpose fields, courts and jogging paths.