Celebrating the Financial Closing of New Shiloh Village Apartments
Enterprise congratulates Unity Properties Inc. (an affiliate of Bon Secours) and the New Shiloh Community Development Corporation on the financial closing of New Shiloh Village Apartments, their second phase of affordable housing in the Mondawmin neighborhood of West Baltimore. The new development will provide 73 apartments, 65 of which will be affordable for low-income families and disabled and formerly-homeless tenants. New Shiloh is a transit-oriented development and will be built to LEED green building standards. Comprehensive services will be offered to tenants living in the community, thanks in large part to support from Bon Secours Community Works.
Bank of America will provide a $14.3 million construction loan, and Bellwether Enterprise will provide a $2 million permanent loan. Additional permanent financing includes community supported lending of $1.25 million of Rental Housing Program funds from Maryland Department of Housing and Community Development and $1.25 million of HOME funds from the City of Baltimore. Enterprise will provide $15.9 million of equity on behalf of Bank of America.