Tuesday
Jun192012

Orchard Ridge

Orchard Ridge is the first phase of a planned unit development in eastern Baltimore City, Maryland, on the site of the former Freedom Village and Claremont Homes. Phase I is a 100-unit family property. Using HUD's Section 221(d) New Construction program, AGM obtained a HUD-insured mortgage of $3,500,000 with a 40-year term. The loan will be funded pursuant to HUD's program for insurance upon completion. SunTrust Bank will provide the construction loan. Total project costs are approximately $194,000 per unit. Additional funds were provided through the sale of tax credits, $3,000,000 in Partnership Rental Housing funds from the State of Maryland, $3,200,000 in Up-Front Grant funds from HUD through Baltimore City, and $2,400,000 in HOME funds also from the city. The project includes 20 one-bedroom, and 48 two-bedroom, 30 three-bedroom, and 2 four-bedroom units.

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