Millennia Housing Development has purchased Circle Terrace, a 303-unit affordable housing property in Lansdowne, Md., from the Landex Corp.
The sales price was $30.5 million, reports SVN Affordable | Levental Realty, the listing broker that negotiated the transaction on behalf of Landex, a privately owned organization and the original project developer.
The property, which was built and financed under the Department of Housing and Urban Development (HUD) Sec. 236 program in 1977, is subsidized by a long-term project-based Sec. 8 contract and encumbered by multiple regulatory and use restrictions.
Circle Terrace was acquired with short-term Freddie Mac financing and closed at contract price despite recent interest rate and tax credit pricing changes post-election. The buyer is planning a future low-income housing tax credit resyndication, which will ensure long-term affordability for residents and preservation of the asset through an extensive rehab, according to SVN Affordable.
Pillar Financial and Freddie Mac provided financing. Nixon Peabody served as the purchaser’s HUD counsel for the transaction, and Gallagher Evelius & Jones represented Landex.
Millennia Housing Development is part of The Millennia Cos., a Cleveland-based affordable housing developer that owns and manages over 15,000 affordable units across the United States.
SVN Affordable is a national affordable housing brokerage focusing on valuing, marketing, and selling project-based Sec. 8 and Sec. 42 housing.
