Celebrating the Equity Closing of Bealls Grant
Montgomery Housing Partnership (MHP) has just closed the financing for Beall’s Grant in Rockville, Maryland! With this transaction, MHP has preserved 74 affordable homes for families and disabled individuals in a prime location near Rockville Town Square. Beall’s Grant is within easy walking distance to an abundance of amenities and is a transit-oriented development within one half mile of the Rockville transit center.
Construction financing includes $8.57 million in tax exempt bonds issued by Maryland Community Development Administration. Permanent financing includes a $7.17 million 221(d)(4) loan from AGM and Wells Fargo, a $1.5 million loan from the Montgomery County Housing Initiative Fund, and $813k of financing from the Maryland DHCD EmPower and Rental Housing Production programs. Enterprise is providing $3.95 million of equity.