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Nonprofit Pays $20 Mil For Bay Club

PHOENIX-The 420-unit Bay Club Apartments in north Phoenix is bought by a Denver-based group that creates and preserves affordable housing, which is in short supply throughout the state. Public and private entities provide financing.

By John Rebchook | Updated on November 27, 2001

PHOENIX-The Denver-based Rocky Mountain Mutual Housing Association has paid$20.25 million for the 420-unit Bay Club Apartments in north Phoenix. It marked the first Phoenix purchase for the nonprofit group, which creates and preserves affordable housing.

The group opened a Phoenix office in early 2001.

Financing for the lakeside property came through a number of loans. The city of Phoenix issued Industrial Development 501(c)(3) bonds as well as general obligation bonds. The city also made a direct IDA loan. In addition, financing was provided by the Arizona HOME Fund. Catholic Healthcare West and the Housing Partnership Fund also provided pre-development financing.

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