PRESS RELEASE – VILLAS AT MESA RIDGE – FOUNTAIN, COLORADO

October 16, 2020

PRESS RELEASE

RE:      Villas at Mesa Ridge

Fountain, Colorado

I am pleased to announce that we have closed our financing and commenced construction on Villas at Mesa Ridge, a 60 unit elderly tax credit community in Fountain, Colorado.  Villas at Mesa Ridge with have 30 one bedroom / one bath units and 30 two bedroom / two bath units and will have a mix of  30%, 40%, 50% and 60%  and 80% AMI set asides.  The development will feature 1 three-story residential building that will include a fitness center,  library,  game room and a clubhouse / activities area.  Residents must be age 62 or older and meet certain income requirements imposed under the federal tax credit program

Our financial partners on this community include Raymond James Tax Credit Funds, Bank of Oklahoma / Bank of Colorado,  The Colorado Housing Finance Agency, El Paso County Housing Authority and The Colorado Division of Housing.    The City of Fountain was instrumental in supporting this development and the Housing Authority of the City of Fountain is a partner in the development.

Villas at Mesa Ridge was developed by Zimmerman Properties, LLC and is our 1st development in the State of Colorado, and is being built by Bryan Construction, Inc.,and will be managed by Wilhoit Properties, Inc.  The design team included Buxton-Kubik- Dodd, Inc.  and  Kaw Valley Engineering.

We anticipate the initial lease-up to commence in the Fall 2021.  Zimmerman Properties has developed more than 100 affordable housing communities across the United States and is very happy to add the City of Fountain and the State of Colorado to our project list.

I would like to thank everyone who worked on this transaction and the patience and dedication that our team demonstrated in navigating this project through the delays created by COVID-19.

Robert C Davidson | Chief Financial Officer | Chief Operating Officer

Wilhoit Properties | Zimmerman Properties | Zimmerman Properties Construction

October 16, 2020