Celebrating the Financial Closing of Scotland Townhomes
Scotland Community Development, Inc. (SCDI) and Enterprise Homes, Inc. have closed financing on Scotland Townhomes in Potomac, Maryland! Scotland Townhomes is located in the historic Scotland Community on land purchased and settled by freed slaves in 1879. The property will be rehabilitated, and 49 homes will be preserved as affordable, including five homes set aside for residents with a disability. The property interior and exterior will be significantly upgraded and a handful of homes will be made handicap accessible.
Bank of America is providing $15.2 million of construction financing and $3.98 million of permanent financing. Additional permanent financing includes $2 million from the Montgomery County Housing Investment Fund and a $4 million Seller Note from SCDI. Enterprise will provide $14.6 million of equity.