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Conifer Realty has secured $15 million for the development of a affordable housing property on West Cold Spring Lane in Baltimore, MD.

Conifer Realty Secures $15M to Develop 165-Unit Affordable Housing Property in Baltimore

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.


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About Lisa McDuffie

Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group. When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.

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