January 30, 2017

Re-syndication of Golden Ring: Embracing Social, Racial & Religious Neutrality

Golden Ring.jpgEnterprise congratulates CSI Support & Development Services (CSIDS) on the closing of financing for Golden Ring apartments in Essex, MD!

This transaction preserves 154 unsubsidized homes for seniors. CSIDS uses a cooperative management system at the site, which allows the senior tenants democratic control of their environment and embraces political, social, racial & religious neutrality, among other guiding principles.

Financing

Wells Fargo will provide $10 million in tax exempt bonds for construction financing. Permanent financing includes a HUD $6.13 million 223f loan from AGM Financial, a $1.95 million Maryland CDA Rental Housing Works loan, a $2.1 million CDA Rental Production Program loan, and a Baltimore County Community Development Block Grant of 1.04 million. Enterprise will provide $5.6 million of equity.

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