July 2016 Partner Spotlight: MidFirst Bank!
The Urban Land Conservancy celebrates the achievements of its partnerships that create and preserve nonprofit facilities and affordable housing for communities in metro Denver. ULC’s Monthly Partner Spotlight is awarded to partners who demonstrate the value of collaboration, furthering our mission to improve the lives of Metro Denver residents through our real estate investments and community assets.
Congratulations to our July 2016 Partner Spotlight of the Month: MidFirst Bank!
As a valuable partner since 2011, ULC has been working with MidFirst Bank to successfully invest in real estate that provides direct benefit to communities in the Denver region. MidFirst has provided resources for predevelopment, acquisition and refinancing on six properties totaling over $6 million. The favorable rates and terms offered have ensured that residents and nonprofit tenants are paying affordable rental rates, a key component of the ULC mission.
“Keeping office rents affordable is challenging in today’s real estate market,” shares Aaron Miripol, President of ULC. “We truly value our partnership with MidFirst, a community bank that has provided the needed long-term financing and first take out of our Calvert Facility Fund as part of the Ours To Own initiative. This financing was critical for the benefit of our residents as well as our nonprofit commercial tenants. I can’t stress enough the importance of a strong banking partner like MidFirst.”
MidFirst Bank is one of the largest privately owned banks in the United States and the rare combination of size and private ownership provides customers with a special brand of banking. MidFirst competes effectively with larger banks in terms of products and services, but provides customers the service and flexibility of a community bank.
“MidFirst Bank is proud to partner with Urban Land Conservancy and we look forward to continued support in their strategic focus in creating affordable real estate opportunities in the Denver region,” says Joe Miller, Sr. Vice President of MidFirst Bank.
MidFirst has worked in partnership with ULC’s Assets and Real Estate Development team on residential, nonprofit facility and land investments in only 5 years. These investments include:
Mountain View Nonprofit Tower – A crucial preservation of nonprofit office space in Central Denver, this nonprofit tower is home to 11 organizations that provide services to over 1000 people per month. Originally acquired using the Calvert Facility Fund as part of the Ours To Own Initiative in Metro Denver, ULC went to MidFirst for the long-term financing of this property. This refinance was extremely important for the future of affordability of this property, and takeout of the acquisition loan. This is a perfect example of the role a local bank can play in protecting assets long-term.
Residence at Yale Station – ULC acquired a home adjacent to the Yale Station on the southeast rail line for a future mixed-use, mixed-income transit oriented development. This will be part of the third phase of development at this station, complementing the senior affordable housing and family affordable housing developments that currently exist.
Tramway Nonprofit Center – ULC acquired this nonprofit facility in the Cole neighborhood in 2007, and refinanced the property with MidFirst in 2015 to make significant capital improvements to the building. The property was refinance for the long-term this year with the Mountain View Nonprofit Tower. Both nonprofit facilities now have 10 year financing which preserves the affordability and ensures the stability of rents for more than 25 nonprofits housed in these buildings.
Land at Sheridan Station – ULC acquired this land with MidFirst financing for future development as part of the larger station area. This acquisition is part of an assemblage where ULC now owns 6 acres around the station area that will be developed through multiple phases and will include affordable housing and commercial space.
Mile High Vista – ULC acquired this land for a master site development to include 80 affordable rental apartments, a new public library and a commercial building. MidFirst was instrumental in providing a line of credit to support the predevelopment and remediation costs so vertical development could begin. The site is now a transit oriented community with the fully leased Avondale Apartments and the Corky Gonzales library.
Having an engaged banking partner is something ULC relies on to successfully invest in real estate that can build stronger community. Thank you to MidFirst Bank for your local support in helping ULC provide housing and nonprofit facility space that is affordable as we work to prevent displacement in Metro Denver.
About MidFirst Bank
MidFirst Bank offers a full range of personal, commercial, trust, private banking and mortgage banking products and services. MidFirst is a strong commercial real estate lender and a major servicer of mortgage loans nationally. Primary markets include Oklahoma City, Tulsa, western Oklahoma, Denver and Phoenix, with commercial real estate lending offices in Atlanta, Houston, New York and Southern California.
MidFirst Bank is a strong supporter of the communities we serve, investing time and money in important educational, charitable and civic organizations. Our volunteerism is powered by MidFirst Bank employees from all of the communities in which we live and share with our customers. For more information please visit www.midfirst.com