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

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.