Developer: The Hampstead Cos.
Co- Developers: National Housing Trust/ Enterprise Preservation Corp. and Poppleton Community Development Corp.
Architect: The Arcadia Group
Major Funders: Stratford Capital Group; Maryland Department of Housing and Community Development; Baltimore Housing; city of Baltimore; Department of Housing and Urban Development; Bank of America Merrill Lynch; Freddie Mac; Prudential Mortgage Capital
The Poppleton Cooperative was in trouble, defaulting on its mortgage and sitting nearly 40 percent vacant nine years ago. It faced losing its project-based Sec. 8 funding and foreclosure.
In 2006, after a failed attempt with another developer, Poppleton representatives turned to The Hampstead Cos. The team could have rescued just the 1970s-era co-op, but it recognized that the entire neighborhood needed redevelopment. Hampstead then began a complicated journey, consolidating about 36 parcels from the co-op, the city, and private owners.
The result is Vintage Gardens, a $24.1 million development featuring 86 rehabbed units and 25 new apartments.
The development came at a time when many financiers were avoiding complicated urban deals like Vintage Gardens, says Hampstead President Chris Foster.
To help make the deal work, National Housing Trust/Enterprise Preservation Corp. became a partner, providing extra credit strength and acting as managing general partner. The team pulled together a number of financial sources, including bonds enhanced by the New Issue Bond Program, 4 percent low-income housing tax credits, and HOME funds.
Vintage Gardens also used $1.5 million in green retrofit funds from the Department of Housing and Urban Development's Office of Aff ordable Housing Preservation.
The development has gone from being nearly half empty to having a twoyear waiting list.