KCG Development is adapting an office complex into 56 affordable apartment homes for seniors in Sandy Spring, Maryland.
Sandy Spring Village aligns with Montgomery County’s vision for the adaptive reuse and conversion of underutilized existing buildings into housing. More important, it responds to the county’s need for high-quality, affordable senior housing, according to the company.
“As a Montgomery County resident, I am proud to see the county thinking differently about housing options for seniors,” said Stacy Kaplowitz, KCG vice president of development, in a statement. “It is an honor to be welcomed into the historic Sandy Spring community, and we look forward to transforming this property into a vibrant, affordable community for older adults.”
The new property will have one- and two-bedroom homes for residents 62 and older. It will be enhanced by a newly designed “pocket park,” serving residents and adjacent neighbors. Rents will vary between 40% and 60% of the area median income.
M&T Bank and M&T Realty Capital Corp. announced that they are providing $26.2 million in financing for the development. M&T Bank will provide a $12.2 million construction loan and a $7.1 million permanent Freddie Mac affordable housing loan. In addition, M&T will provide $6.9 million in low-income housing tax credit equity through Stratford Capital.
The transaction was led by Monty Childs, managing director of M&T Realty Capital’s Chicago office, and Barbara Simmons and Tim Lewis of M&T Bank’s commercial banking team in Baltimore.
Other financial partners include the Montgomery County Housing Opportunities Commission, Montgomery County Department of Housing and Community Affairs, and the state of Maryland.
Additional project partners include Moseley Architects, Commercial Construction, christopher consultants, Avens + Heath, Lerch, Early & Brewer, Pando Alliance, and Winthrop & Weinstine.
