Colby Management, An Associa® Company Helps Community Navigate & Secure Construction Loan

This 74-unit 55+ planned development is located in Peoria, Arizona. Colby Management, An Associa® Company, has been managing this community since 1996.

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Challenge:

This community’s roads needed to be repaired, but there weren’t adequate funds in reserves to pay for the repairs. The community thought levying a special assessment was their only option.

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Resolution:
Colby Management, An Associa® Company, helped the community realize that a special assessment wasn’t their only financing option. Management reached out to a partner bank and determined that the association could qualify for a loan. Management then collaborated with the association’s attorney to draft a ballot for homeowners to vote on the approval of a loan. Once approved by the homeowners, management walked board members through the long process of completing loan application forms and worked with a consulting firm to secure bids for the work. In a matter of months, new roads were installed, with Colby Management, An Associa® Company, assisting the community every step of the way.