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 Program contract on 108 units. The property consists of one six story apartment building containing both family and elderly apartments and nine three story family town-house buildings with a total of 192 units. Evergreen purchased the property in March 2009 and completed a comprehensive rehabilitation scope in the year that followed. The sources of funds included new tax-exempt debt and equity raised through the sale of 4% low-income housing tax credits. As part of the preservation effort, the existing Section 8 contract remained in place and tenants living in units covered by the Rental Assistance Contract received Section 8 Vouchers to ensure that they continued to pay rent and the same affordable levels.
Sharp Leadenhall Apartments
911 Leadenhall Street
Baltimore, MD 21230
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 and credit enhanced by Freddie Mac.
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 to Bank of America.
Section 8 Contract Renewal: yes
Over $6 million in total rehabilitation expenditures including:
Maryland Community Development Administration
Local HUD Office
Baltimore HUD Office
City of Baltimore, Maryland
Bank of America
Bank of America
Honigman Miller Schwartz & Cohn LLP
The Architectural Team
Dominion Due Diligence Group