Loveland to issue $18M in bonds for senior-living expansion

LOVELAND  — The Loveland City Council appears poised to approve $18 million in bonds to fund three new buildings at its senior-living development.

The funding project would add three 10-bed buildings to the development, known as Mirasol, in the city’s southeast corner. The project is expected to cost around $8.8 million, while the rest of the bond will be used to wrap up financing on the original six buildings developed in 2013.

According to city documents, Mirasol has operated at almost full capacity since 2016, and demand is expected to grow into the future. The city is acting as a conduit for the bonds, which will be held by a company set up by the Loveland Housing Authority to run the senior facility.

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The proposal has approval from the Housing Authority, and the council approved it unanimously upon the first reading in a meeting earlier this month.

Bank of Colorado won the right to issue the bonds at a rate of 5.5 percent.