$20M Affordable Senior Housing Breaks Ground

UPPER MARLBORO, MD-Gaithersburg, MD-based PSR Associates is developing a $20 million senior housing project here that will be mostly affordable housing. The firm is breaking ground this week on the 102-unit facility in a JV with a limited partnership that it established for the venture, called Marlton Development Partners, an LLC based in Bethesda.

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.