Enterprise Community Development (ECD) announced that it has closed on construction financing for the Roslyn Rise redevelopment project in Columbia, Maryland.
The first portion of a multiphase redevelopment of an aging housing community, Roslyn Rise will feature 153 units in a mixed-income community.
The property has provided affordable housing to 58 families since the 1960s, but like many other communities built during this era, its affordability covenants were set to expire, and the infrastructure, floor plans, and amenities were obsolete compared with today’s standards, according to officials.
Community Homes Housing, which had owned the development, partnered with ECD to reimagine Roslyn Rise while preserving and increasing the number of affordable homes for future generations.
The new community will consist of two four-story, elevator-served structures containing surface and underground garage parking. There will be a mix of one-, two-, three-, and four-bedroom units with common areas that will feature a club room, an after-school homework club space, a fitness center, and a business center. The Roslyn Rise community will also include on-site outdoor recreation areas, including a signature plaza area, a dog park, a playground, and a family recreation area, as well as connections to outdoor paths and recreational facilities maintained by the Columbia Association.
The infrastructure will be built to National Green Building Standard requirements and have green features throughout, including Energy Star appliances, high-efficiency HVAC systems, heat pump hot water heaters, and solar hot water.
Financing for the new Roslyn Rise redevelopment will be accomplished through a 4% and a 9% low-income housing tax credit (LIHTC) structure with separate single-purpose ownership entities: 94 units (4% building) owned by Roslyn Rise Four and 59 units (9% building) owned by Roslyn Rise Nine.
The total redevelopment costs are $39.1 million for Roslyn Rise 4% and $31.2 million for Roslyn Rise 9%.
The developments are supported by construction loans from Bank of America; LIHTC equity from Bank of America and syndicated by Enterprise Housing Credit Investments; permanent first mortgages originated by Bellwether Enterprise; significant subordinate debt from Community Homes Housing and Maryland Community Development Administration; a tax-exempt bond debt issued by Maryland CDA; and a payment in lieu of taxes agreement through Howard County. Favorable financing from Fannie Mae through the Healthy Housing Rewards Enhanced Resident Services program was provided in exchange for ECD’s commitment to offering enhanced resident services to improve the health and stability of residents throughout the term of the mortgage.
Grimm & Parker is the project architect, and Harkins Builders is the general contractor. Enterprise Residential, an ECD affiliate, will serve as the property management company and coordinate resident services.
