“The purchase of Casa Mundi is a personal one,” said Greg J. Weed, CEO of Eastern Colorado Bank.
“Eastern Colorado Bank engaged in the early stages of bringing Casa Mundi to life and has a long-standing relationship with the developer,” Weed said. “Equal to our passion for the property is our commitment to the growth and vitality of downtown Colorado Springs. We own several properties in the urban core and are thrilled to be adding Casa Mundi to our expanding portfolio.”
Eastern Colorado Bank, with six locations in Colorado, financed Casa Mundi’s original construction loan in February 2018 and stewarded the project from the ground up.
Places Management, an LLC operated by Darsey Nicklasson, DHN Development and seller in this transaction, will continue to serve as Casa Mundi’s property manager.
“Over the past 18 months, Casa Mundi has established itself as a desirable residential community,” Nicklasson said. “We opened two weeks before the COVID statewide shutdown and the property thrived, nonetheless.
“My personal connection to Casa Mundi, and Downtown, drove my decision to sell to a local buyer,” she said. “I am confident the property is in good hands. Eastern Colorado Bank shares our enthusiasm for resident relations, building stewardship and love of city.”
Nicklasson broke ground on Mosaica, a 223-unit future neighborhood, in March 2021, and will start development of Kaleidos, a 150-unit development, this fall. Both properties are in Southeast Colorado Springs.
Last year she and partner Kathy Loo sold Blue Dot Place, a 33-unit apartment property, for $13 million, a record high per-unit price in Colorado Springs.
Downtown Colorado Springs is experiencing an economic and cultural boom. Casa Mundi has contributed to this urban renaissance from both an investment and downtown residential housing perspective. According to the 2021 State of Downtown Report:
- Downtown is experiencing $1.7 billion in completed, under construction or announced new development — an 18 percent increase over the previous prior.
- Investment representing completed projects jumped 60 percent over the previous year.
- The $158 million value in Downtown permits filed in 2020 represents 12.6 percent of permit values citywide.
- Nearly 3,000 residential units are recently completed, under construction or announced —about 1,000 more units than reported last year.
- Downtown is on pace to have 4,000 units completed or under construction by 2025.
Founded in 1944 in Cheyenne Wells, Colorado by Victor and Leona Weed, Eastern Colorado Bank offers personal and business banking, mortgage and lending services, and investment expertise.