Greystone has provided forward commitments for two loans, a $12.361 Freddie Mac 4% LIHTC Tax Exempt Loan and a $2.712 million 9% LIHTC loan, for the development of a 165-unit affordable housing property in Baltimore, MD. The transaction, which is leveraging both 4% and 9% tax credits to finance the development of the property, was originated by Pharrah Jackson-Rowell, Vice President, Greystone in partnership with Bank of America as construction lender, and on behalf of Conifer Realty, LLC, the developer.
Cold Spring Lane is a planned new development located at 3205 West Cold Spring Lane in Baltimore, MD. The property will contain 67 one-bedroom units, 57 two-bedroom units, and 41 three-bedroom units. Situated in Park Heights, the new property will be fully transit-oriented, located one block away from the Cold Spring Metro Station.
The construction is being financed by a construction loan from Bank of America, subordinate debt and grants from Community Development Association / Rental Housing Works, Baltimore Regional Neighborhood Initiative Program (BRNI), Project C.O.R.E Grant, and tax credit equity. The forward commitments from Freddie Mac comprise a 36-month period with a 17-year permanent loan term and 35-year amortization.
“We are thrilled to have partnered with Conifer to structure innovative financing for their exciting new affordable housing project in Baltimore,” said Mrs. Jackson-Rowell. “This is an area that is in desperate need of new, quality affordable housing, and Conifer’s commitment to that mission is clear. Bravo to the entire team, including my colleague Chris Wimmer, an integral underwriter on the transaction.”
“Greystone has been a trusted guide in this process, and their expertise on tax credits and affordable housing is second to none,” said Brian Ivy, Vice President, Finance, Conifer Realty LLC. “The team has an exceptional grasp on both financing and market dynamics. We look forward to working together again.”