June 6, 2018

Celebrating the Grand Opening of Beall's Grant Apartments

Beall's Grant Apartments

Congratulations to Montgomery Housing Partnership on the grand opening of Beall’s Grant Apartments in Rockville, Maryland! The rehabilitation will preserve 74 affordable apartments for families, including homes set aside for non-elderly persons with disabilities. Cornerstone Psychiatric Rehabilitation Program will provide job coaching, employment services, and medical entitlement to residents. The property is a transit oriented development with excellent access to Rockville Town Square, where residents have access to amenities, and daily services.

Financing

The Maryland Community Development Administration (CDA) provided $8.57 million of construction financing. Permanent financing included $7.17 million from AGM Financial/Wells Fargo, $285,000 from Maryland Department of Housing and Community Development EmPower, $268,258 from Maryland Department of Housing and Community Development Rental Housing Production Program, $1.27 million from Montgomery County Department of Housing and Community Affairs Housing Initiative Fund, and a Seller Note for $4 million. Enterprise provided $4 million in equity toward this project.
 

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