Washington DC CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Enterprise Community Development Closes Financing on Columbia Redevelopment
Enterprise Community Development has closed on financing for the redevelopment of two new affordable housing communities in Columbia, Maryland.
Ranleagh Court will replace a 41-unit development with 82 new apartment homes in a four-story, elevator-served building. The $47.88 million redevelopment is financed through a $21.44 million in short-term bonds from JPMorgan Chase Bank, a $13 million HUD 221(d)(4) permanent loan via M&T Realty Capital Corporation, and $13.04 million in LIHTC, Section 45L and Investment Tax Credit equity syndicated by Enterprise’s housing credit investments business as well as additional funding.
Waverly Winds will replace an aging 62-unit property with a newly constructed, 123-unit community across two four-story buildings. The $64.15 million redevelopment is financed through construction loans from Bank of America of $32.24 million, permanent first mortgages from Bellwether Enterprise of $18.40 million, and additional funding.
The project team for both properties includes Moseley Architects and Harkins Builders, Inc., and both developments will be managed by Enterprise Residential, LLC.
