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Enterprise Closes on $60M Recap to Preserve Three MD Affordable Senior Communities
Baltimore-based Enterprise Community Development has closed on the recapitalization of three affordable senior communities: Park View at Furnace Branch in Glen Burnie, MD; Park View at Ellicott City II in Ellicott City, MD; and Park View at Snowden River in Columbia, MD.
The project’s acquisition and redevelopment cost is $60 million. Financing is being provided by the State of Maryland’s Department of Housing and Community Development, Arundel Community Development Services, Inc., Enterprise Community Investment, Inc., and Bellwether Enterprise.
In total, the three properties consist of 292 homes. The communities were built in the early 2000s and serve low-income senior households earning up to 60% of the area median income.
Enterprise will preserve the properties as long-term affordable housing and begin renovations to enhance residents’ quality of life and ensure building systems’ viability.
Dedicated on-site resident services including case management, health and wellness programs and other essential services will be provided by Enterprise Residential.
Photo: Park View at Ellicott City
- ◦Financing
