$28M Housing, Mixed-Use Development in Baltimore Breaks Ground
WinnCompanies recently broke ground on a $28 million project that will bring 83 affordable apartment homes to Baltimore’s Park Heights neighborhood.
The project is being led by BRIDGES Community Development Corporation, WinnDevelopment, and Bon Secours Unity Properties. The new community, The Residences at Belvedere Place, will offer 21 one-, 53 two-, and nine three-bedroom apartments.
This project received $500,000 in federal funding, and the Maryland Department of Housing and Community Development delivered Low Income Housing Tax Credits, tax-exempt bond financing and a subordinate loan for the project. The development team assembled 10 vacant and underutilized parcels near the Pimlico Race Course over several years to create the 2.2-acre development site.
BRIDGES Community Development Corporation is providing a $6 million loan to the project. The four-story 112,102-square-foot building will include 8,442 square feet of ground-floor retail space. Bank of America is the project’s construction lender and LIHTC equity investor. Newpoint Capital provided the forward commitment for a Fannie Mae tax-exempt permanent loan.
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Development Site Trades within Atlantic Avenue Mixed-Use Plan
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Fourth Sale Closes in Anaheim Multifamily Portfolio
Marcus & Millichap arranged the sale of Knott-Orange Apartments, a 35-unit multifamily property located at 515 S. Knott Ave. in Anaheim. The property sold for $9.65 million, or $275,714 per unit. “This transaction marked the fourth closing from a larger Anaheim-area multifamily portfolio as the seller continues to reposition its holdings through a 1031 exchange...
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JLL Arranges $135M Financing for Luxury Multifamily in Yonkers
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout