SILVER SPRING, MD-The Bonifant at Silver Spring, a rare urban senior housing community in Silver Spring, has opened its doors with most of the 149 apartments already rented.
The $44 million Bonifant was developed as a public-private partnership between Montgomery County and two co-developers: the Montgomery Housing Partnership, a private nonprofit affordable housing developer, and the Washington DC-based Donohoe Cos.
Montgomery County remains the owner of the land, whose street address is 929 Bonifant St. MHP is long-term owner of the mixed-use property and holds a 77-year lease. The Donohoe Cos. provided entitlement and construction services for the 11-story building's development.
The financing for the project, which broke ground in June 2014, was sourced from several providers, including Montgomery County Department of Housing and Community Affairs, State of Maryland Department of Housing and Community Development, US Department of Housing and Urban Development, Capital One, Wells Fargo, AGM Financial, Enterprise Community Investments, and NeighborWorks America. A HUD Section 221(d)(4) FHA loan provided $15 million of the total costs.
Because of the financing structure, only 10 of the apartments are at market rate, with the remainder available at reduced rents for seniors ages 62 and up with incomes less than 60% of the area median income.
There is also 6,300 square feet of retail space on the first floor of the building.
A large part of the building's appeal is its urban environment. Residents call walk to the Silver Spring metro stop as well as number of shops and restaurants in Downtown Silver Spring, the new Silver Spring library is next door and there is a Whole Foods nearby.
SILVER SPRING, MD-The Bonifant at Silver Spring, a rare urban senior housing community in Silver Spring, has opened its doors with most of the 149 apartments already rented.
The $44 million Bonifant was developed as a public-private partnership between Montgomery County and two co-developers: the Montgomery Housing Partnership, a private nonprofit affordable housing developer, and the Washington DC-based Donohoe Cos.
Montgomery County remains the owner of the land, whose street address is 929 Bonifant St. MHP is long-term owner of the mixed-use property and holds a 77-year lease. The Donohoe Cos. provided entitlement and construction services for the 11-story building's development.
The financing for the project, which broke ground in June 2014, was sourced from several providers, including Montgomery County Department of Housing and Community Affairs, State of Maryland Department of Housing and Community Development, US Department of Housing and Urban Development,
Because of the financing structure, only 10 of the apartments are at market rate, with the remainder available at reduced rents for seniors ages 62 and up with incomes less than 60% of the area median income.
There is also 6,300 square feet of retail space on the first floor of the building.
A large part of the building's appeal is its urban environment. Residents call walk to the Silver Spring metro stop as well as number of shops and restaurants in Downtown Silver Spring, the new Silver Spring library is next door and there is a Whole Foods nearby.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
