Bank plays role in senior housing acquisition

Bank of Colorado played a role in helping the Grand Junction Housing Authority purchase an apartment complex for seniors.

The bank provided a first mortgage and bridge loan that enabled the housing authority to quickly close on the purchase of the Nellie Bechtel Senior Apartments.

“Bank of Colorado helped us motor through the deal with a first mortgage and bridge loan,” said Jody Kole, chief executive officer of the Grand Junction Housing Authority. “They are a great partner.”

Bank of Colorado turned to the Federal Home Loan Bank of Topeka to providing matching funding for the loan to the housing authority through an affordable housing program grant. “We were happy that the grant request was successful, and our local seniors will benefit as a result,” said Jeff Franklin, market president of Bank of Colorado in Grand Junction.

The affordable housing program grant provides funding for renovations to the 35-year-old apartment complex, including new heating, ventilation and air conditioning equipment and carpeting as well as improves to a computer lab, clubhouse, grilling area and garden beds. In addition, chair lifts will be installed in the buildings to improve accessibility.