Preserving Affordable Workforce Housing in Maryland
Congratulations to The Severn Companies on the recent acquisition, in partnership with Enterprise, of Ivy Crossing in Catonsville, Maryland. Not only will The Severn Companies be preserving much-needed affordable workforce housing, but they have already begun extensive renovations that will bring Ivy Crossing, built in 1947, up to modern standards.
The community, located in a Baltimore suburb, is near numerous job opportunities, public transportation, shopping, dining and entertainment. Home to many working families, Ivy Crossing is also close to the University of Maryland Baltimore County, a public research university with nearly 14,000 students.
Financing for this project, includes $3,065,000 of equity from Enterprise’s conventional equity fund; $341,000 of equity from our joint venture partner, The Severn Companies; and $6,267,000 of permanent financing from Fannie Mae through Hunt Mortgage Group.