Johnston Square Apartments

Johnston Square Apartments was original built in 1913 as a manufacturing facility. In 1980 the site was converted to its current use as affordable housing, financed by the State of Maryland's Community Development Administration and supported by a project-based Section 8 contract covering all of the units. The property is a mix of 217 studio, one-bedroom and two-bedroom units, serving elderly and handicapped tenants in the Johnston Square Neighborhood. Evergreen Wishcamper, LLC, an affiliate of Evergreen Partners, acquired the property in October 2008. Evergreen Wishcamper recapitalized the property and is completing extensive renovations. The redevelopment will enable the property to continue to serve the affordable housing needs of the community for many years to come, aided by a 20 year extension of the project-based Section 8 contract.

Preservation Transaction Description
First Mortgage Financing: Tax-exempt financing using bonds issued by the Maryland Community Development Authority with HUD credit enhancement under the 221(d)(4) program.
Equity Financing: Equity raised through the sale of 4% low income housing tax credits.
Section 8 Contract Renewal: Yes
PILOT Agreement: Yes

Property Rehabilitation Scope
Over $9.0 million in total rehabilitation expenditures including:

• Significant "green" improvements, including water, electricity and HVAC savings, improved indoor air quality, additional recycling efforts, native landscaping, and improved resident education
  Kitchen cabinets, countertops, appliances, & flooring replacement
• Bathroom vanity, sinks, lavatory, and flooring replacement
• VCT flooring replacement in both apartments and common areas
• Install new roof
• Replace Whalen units, rebuild cooling tower and replace rooftop AC units and air handlers
• New common area lighting
• Window replacement

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Johnston Square Apartments
501 E. Preston Street
Baltimore, MD 21202
(410) 837-3383

Office Hours: M-F 9:00 am-5:00 pm