Johnston Square Apartments was original built in 1913 as a manufacturing facility. It was the London Fog coat company. 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 bond transaction was carried out in conjunction with a Mark to Market restructuring and was among the first properties in the country to participate in HUD's "Green Initiative". 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.
Johnston Square Apartments
501 E. Preston Street
Baltimore, MD 21202
Office Hours: M-F 9:00 am-5:00 pm
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.
Second Mortgage Financing: HUD Mark to Market second mortgage.
Equity Financing: Equity raised through the sale of 4% low income housing tax credits to Sun America.
Section 8 Contract Renewal: Yes
PILOT Agreement: Yes, approved and implemented through the City of Baltimore
Over $9.0 million in total rehabilitation expenditures including:
Maryland Community Development Administration
Local HUD Office
Baltimore HUD Office
City of Baltimore, Maryland
Honigman Miller Schwartz & Cohn LLP
The Architectural Team
Whiting Turner, Inc.
Dominion Due Diligence Group