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Ranleagh Court columbia mary

Enterprise Community Development Secures $47.88M Loan To Redevelop Mixed-Income Apartments In Columbia MD
FINANCEDDevelopment Site

Enterprise Community Development Secures $47.88M Loan To Redevelop Mixed-Income Apartments In Columbia MD

$47,880,000

Building Size

Asset Type

Development Site

Closing

Mar 21, 2025

AI

The asset involved in this transaction is a development site located in Columbia, MD. The total loan amount for this project is $47,880,000, which is being utilized for the redevelopment of Ranleagh Court and Waverly Winds. The project aims to create 205 mixed-income apartments.

Summary of transaction details:

  • Property Type: Development Site
  • Transaction Amount: $47,880,000
  • Lender: J.P. Morgan Chase & M&T Realty Capital Corporation
  • Landlord: Brian McLaughlin - Enterprise Community Development

Enterprise Community Development is utilizing financing secured through multiple sources, including HUD, Maryland Community Development Administration, Howard County’s Housing Opportunities Trust Fund, and HUD’s Section 108 Loan Guarantee Program for this project.

Players

 M&T Realty Capital Corporation
M&T Realty Capital CorporationLender

Brian McLaughlin

Enterprise Community Development, Inc

Landlord

$75.1M

vol

3 deals

Landlord

Market Development Site Market Snapshot

Boundary boundary · Development Site · Loan transactions

Loading comparables…

Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.33%

Cash-on-Cash

-0.09%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93