January 22, 2019

Celebrating the Financial Closing of Homes on Quaker Lane in Sandy Springs, Maryland

Architectural rendering of Homes on Quaker Lane in Sandy Springs, Maryland

Homes for America and Friends House Retirement Community are celebrating the financial closing of Homes on Quaker Lane in Sandy Springs, Maryland. This development will create 72 affordable and eight market-rate homes for seniors, of which eight will be set aside for individuals with disabilities and special needs.

Homes on Quaker Lane will later become a component of the larger, existing Friends House Community, a campus of residential facilities for seniors. The Friends House campus has significant green spaces, walking areas, and a community garden. Various no-cost transportation options are available to take residents to grocery, retail, medical, and other needs in the area. 

Financing

The Maryland Community Development Administration (CDA) provided $8.4 million of Construction Financing. Permanent Financing included a total of $9 million from the state of Maryland (CDA and Housing and Community Development) and $1.35 million from Montgomery County. Enterprise was proud to provide $4.3 million of equity.

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