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Enterprise Community Development Undertakes $70M Affordable Redev in Columbia
Baltimore, MD-based Enterprise Community Development, Inc., has closed on construction financing this month for Roslyn Rise, a 153-unit mixed-income redevelopment in Columbia, MD.
Roslyn Rise represents the first portion of a $70.3-million multiphase redevelopment project on a housing community originally built during the 1960s. Upon completion it will consist of two four-story, elevator-served structures containing surface and underground garage parking.
Infrastructure at Roslyn Rise will be built to National Green Building Standard requirements and have green features throughout. Common areas will feature club room, after-school homework club space, fitness center and business center along with dog park, playground and connections to outdoor paths and recreational facilities maintained by the Columbia Association.
Financing for the new 153-unit Roslyn Rise redevelopment will be accomplished through a LIHTC “twin” (4% and 9%) structure, owned by separate single-purpose entities: 94 units (4% building) owned by Roslyn Rise Four, LLC and 59 units (9% building) owned by Roslyn Rise Nine, LLC.
The total redevelopment costs are $39,135,000 for Roslyn Rise 4% and $31,205,000 for Roslyn Rise 9%. The developments are supported by construction loans from the following: Bank of America, LIHTC equity from Bank of America and syndicated by Enterprise Housing Credit Investments; permanent first mortgages originated by Bellwether Enterprise; significant subordinate debt from Community Homes Housing, Inc. and Maryland Community Development Administration; a tax-exempt bond debt issued by Maryland CDA and a Payment In Lieu of Taxes through Howard County. Favorable financing from Fannie Mae through the Healthy Housing Rewards Enhanced Resident Services program was provided in exchange for Enterprise Community Development’s commitment to offering enhanced resident services to improve the health and stability of residents throughout the term of the mortgage.
- ◦Development
