Construction Begins on Baltimore Development

By Donna Kimura

Enterprise Homes has broken ground on a $22.3 million development in the Bromo Tower Arts & Entertainment District in downtown Baltimore.

Mulberry at Park Apartments will feature 34 one-bedroom, 27 two-bedroom, and seven three-bedroom apartments, with rents ranging from $773 to $1,155. Designed by Marks, Thomas Architects, the building is designed to complement the neighborhood’s historic architecture. Amenities will include a cyber-café/multipurpose room, study room, fitness center, and outdoor terrace area. The development will meet Enterprise Green Communities Criteria and LEED Silver standards, offering energy-efficient features such as double-pane, low-E windows; water-conserving plumbing fixtures; Energy Star appliances; energy-saving light fixtures; and Green Label carpet. Habitat America will provide on-site resident services.

Bank of America Merrill Lynch is providing $15.8 million in construction financing, low-income housing tax credit equity, and permanent financing. Additional financing sources include the state of Maryland Department of Housing and Community Development ($1.5 million) and Baltimore City ($870,000).

“We’re continuing our commitment to build high-quality homes in Baltimore,” said Chickie Grayson, president and CEO, Enterprise Homes. “This new community brings Enterprise closer to our goal of ending housing insecurity within a generation by creating opportunity for people and providing them with connections to jobs, good schools, transit and health care.”

Donna Kimura is deputy editor of Affordable Housing Finance. She has covered the industry for more than a decade. Before that, she worked at an internet company and several daily newspapers. Connect with Donna at [email protected] or follow her @DKimura_AHF.