Associa Colorado has managed this 150-unit, 21-story high-rise condominium community since 2018. The community features a pool, hot tub, sauna, gym, lounge area, conference room, dog park, grilling area, and more.
Challenge:
When Associa Colorado partnered with the community, the association needed to issue a special assessment to cover deferred maintenance and a lobby renovation. The association wished to procure a loan backed by the special assessment for $1,700,000. In addition, there was general unease and distrust in the community due to the deferred maintenance and a lack of transparency.
Resolution:
The Associa Colorado management team assisted with the procurement and administration of the $1.7M loan for the special assessment. The team sourced proposals from five different banks and worked closely with the board to ensure they made an informed decision on the loan provider.
The management team also set up and processed the $1.7M special assessment with options to payoff the special assessment in a lump sum or over four years. The accounting department monitors accounts each month and manually determines payoff amounts at closings or upon request. The maintenance division is acting as the general manager of the projects for the special assessment, and the board is very pleased with the communication and administration of the projects and payments.
Lastly, management and maintenance have prioritized rebuilding overall trust in the community. Staff provides weekly reports to the board and homeowners, maintains open action with homeowners on maintenance tasks, and coaches the board on how to be transparent with decisions. Due to Associa Colorado’s hard work and consistent care, the board recently re-signed a three-year contract with the company.
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