June 11, 2018

Celebrating the Financial Closing of Parkview Manor

Parkview Manor.JPGEnterprise would like to congratulate the Montgomery Housing Partnership on the recent financial closing of Parkview Manor in Hyattsville, Maryland! This transaction will preserve 53 affordable homes for low-income families, including six homes set aside for individuals with disabilities. Significant interior and exterior upgrades will modernize the property, in addition to a new office and community room on the first floor. The development is in an excellent location with access to services, public transportation and recreation areas.

Financing

The Maryland Community Development Administration (CDA) is providing $6.34 million of Multifamily Development Revenue Bonds and $3.13 million will remain as permanent financing. Additional permanent financing includes $1.37 million from Rental Housing Production Program - CDA, $2.5 million from Rental Housing Works – CDA, $327,642 from Multifamily Energy Efficiency and Housing Affordability EmPower, $734,100 from a Sponsor Loan, $500,000 from AHP Funds, $349,805 from Deferred Developer Fee and $1.3 million from existing loans from First America Funds, CDA and the County. Enterprise provided $3.03 million of equity toward the development.
 

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