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Another Affordable Property Opens in ABQ

July 13, 2018 / Jeff Hamann

The Greater Albuquerque Housing Partnership has opened Sterling Downtown, an affordable 107-unit community in Albuquerque, N.M. The opening marks the second fully affordable property to come online in the city over the past month. Three different lenders provided a total of $14.2 million to fund construction of the four-story building. Citibank provided an $8.6 million mortgage, with the New Mexico Mortgage Finance Authority issuing a supplemental $1 million in funding, according to Yardi Matrix. The owner took an additional, self-funded loan of $4.6 million.