The nonprofit developer received the bulk of the funding for the complex's restoration through a $9.5 million Multifamily Bond Program loan and $414,000 in Federal Low Income Housing Tax Credits from the Maryland Department of Housing and Community Development. The tax credits will allow the owner to raise about $3.8 million in private equity.
Linden Contracting Inc. is serving as the general contractor on the project. Equity Management Co. will take on the role of property manager upon completion of the upgrade.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
