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
Market Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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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