Marlton Plaza will be developed under the Low Income Housing Tax Credit program. The Maryland Department of Housing and Community Development has approved the tax credits for the development, at a rate of 89 cents on the dollar, Sebastian Fainbraun, principal of PSR, tells GlobeSt.com. That rate was negotiated two years ago, he says, which is fortunate as the value of low income housing tax credits have dropped since then, making it more difficult for developers to put together such deals. Wachovia Multifamily Capital is providing the financing.

Each two-bedroom, one-bath unit will be roughly 900 sf, according to Fainbraun, with approximately 10 to be made available at market-rate and the remaining as affordable housing. Seven of the 102 units will be set aside as handicapped units. The project, which is expected to deliver next summer, will be located next to a shopping mall that PSR also owns--which should benefit the residents of the home who do not want to drive, he adds.

Transferring the land parcel, which PSR owned, into the JV was part of the transaction. The 2.5-acre plot was valued at $2 million. Coldwell Banker Commercial Ideal Realty Group brokered the JV. Scott Casselman was the team leader for the transaction.