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Enterprise Community Development Secures $47.88M Loan To Redevelop Mixed-Income Apartments In Columbia MD
FINANCED
$47,880,000
Louisiana
See Similar DealsDevelopment Site
Financed 03/21/2025
FINANCED
Enterprise Community Development Secures $47.88M Loan To Redevelop Mixed-Income Apartments In Columbia MD
Development Site
Financed 03/21/2025
Summary
Asset Type:Development Site
Transaction Type:Loan
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.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$47,880,000.00
Monthly NOI$319,200.00
Monthly Debt Service$302,634.17
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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