Vivo Longmont

210-Unit Hotel-to-Apartment Conversion
Longmont, CO

Buchanan Mortgage Holdings, LLC provided an $18.1 million, non-recourse bridge loan for the acquisition and repositioning of a 210-room, full-service hotel into a market-rate multifamily community located in Longmont, Colorado. The borrower has completed five similar conversions to date and will implement a comprehensive $5.5 million renovation that includes upgrading all units and creating multiple amenity spaces throughout the Property. Upon completion, the Property will offer much needed new workforce housing in this supply-constrained market while providing amenities on par with new Class A product. Buchanan Mortgage Holdings, LLC funded a non-recourse loan in less than 30 days that accommodated the potential for varied post-closing City approvals.