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 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
(410) 727-2677

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

Preservation Transaction Description

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

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

Development Partners

Allocating Agency
Maryland Community Development Administration

Local HUD Office
Baltimore HUD Office

City of Baltimore, Maryland

Bank of America

Bank of America

Legal Counsel
Honigman Miller Schwartz & Cohn LLP

The Architectural Team

General Contractor
Whiting-Turner, Inc.

Dominion Due Diligence Group