Sharp Leadenhall Apartments

The property was built in 1980 and originally financed with an un-insured Section 236 loan provided by the State of Maryland's Community Development Administration ("CDA"). The property has a Section 8 rental subsidy contract covering 37 units and a Rental Assistance Contract on 108 units. The property consists of one six story apartment building containing both family and elderly housing and nine three story multi-family apartment buildings with a total of 192 units. Evergreen purchased the property in March 2009. The property will be recapitalized with new debt and equity raised through the sale of 4% low-income housing tax credits. Evergreen is planning extensive interior and exterior renovations at the property. As part of the preservation efforts the existing Section 8 contract will remain in place and tenants living in units covered by the Rental Assistance Contract will receive Section 8 Vouchers to ensure continued affordability is available.

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.
Section 236(e)(2) - Interest Reduction Payment Decoupling: Remaining stream of Interest Reduction Payments connected to the original 236 mortgage were "decoupled" and used to support additional new debt.
Equity Financing: Equity raised through the sale of 4% low income housing tax credits.
Section 8 Contract Renewal: yes

Property Rehabilitation Scope
Over $6 million in total rehabilitation expenditures including:

• Kitchen cabinets, countertops, appliances, & flooring replacement
• Bathroom vanity, water closet, lavatory & flooring replacement
• Flooring replacement in both apartments and common areas
• Complete HVAC system replacement and upgrade
• New common area lighting
• Window replacement

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Sharp Leadenhall Apartments
911 Leadenhall Street
Baltimore, MD 21230
(410) 772-2677

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