Greystone has provided forward commitments for two loans (a $12.4 Freddie Mac 4% LIHTC Tax Exempt Loan and a $2.7 million 9% LIHTC loan) for the development of a 165-unit affordable housing property in Baltimore, MD.

The transaction, which is leveraging both 4% and 9% tax credits to finance the development of the property, was originated by Pharrah Jackson-Rowell of Greystone in partnership with Bank of America as construction lender, and on behalf of Conifer Realty, LLC, the developer.

The property at 3205 West Cold Spring Lane in Park Heights will contain 67 one-bedroom units, 57 two-bedroom units, and 41 three-bedroom units. The sits one block away from the Cold Spring Metro Station.

The construction is being financed by a construction loan from Bank of America, subordinate debt and grants from Community Development Association / Rental Housing Works, Baltimore Regional Neighborhood Initiative Program (BRNI), Project C.O.R.E Grant, and tax credit equity. The forward commitments from Freddie Mac comprise a 36-month period with a 17-year permanent loan term and 35-year amortization.