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Oct052019

Marshall Gardens 

Marshall Gardens is a combined new construction and substantial rehabilitation apartment community which will provide 87 mixed income housing units to the Upton neighborhood of Baltimore City, Maryland.  The community’s units are spread throughout three city blocks totaling 3.06 acres which includes five existing row homes undergoing gut rehabilitation, a newly constructed three-story multifamily building with 27 units, and 55 newly constructed row house style units.  The units will be restricted to households earning up to 30%, 40%, and 50% of area median income (AMI) with an additional nine market rate units.  Utilizing HUD’s Section 221(d)(4) program for substantial rehabilitation, AGM obtained a HUD-insured mortgage of $11,990,000 at a fixed interest rate and a 40-year term.  Equity of approximately $13,773,000 was provided through the sale of 9% low-income housing tax credits (LIHTC).  Additional sources include $2,000,000 in Rental Housing Funds and $1,200,000 in Project C.O.R.E. funds from Maryland Department of Community Development (CDA), and a Federal Home Loan Bank AHP loan in the amount of $870,000.

 

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