Waters Tower

Waters Tower was built in 1978 and was originally financed through HUD under Section 236 of the National Housing Act. The ten-story building includes 203 one bedroom apartments, all of which are covered by Section 8 project-based subsidy. The property is located near the Johns Hopkins Hospital and is accessible to public transportation.

Waters Tower Apartments
1400 East Madison Street
Baltimore, Maryland 21205
Phone: (410) 342 6240
Fax: (410) 558 0197

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 enhancement from Freddie Mac.

Equity Financing: Equity raised through sale of 4% low income housing tax credits.

Additional Financing: Additional loan proceeds were raised by working with HUD to securitize interest reduction payments associated with the original project mortgage.

Section 8 Contract Renewal: Yes - rents increased to market rents.

Property Rehabilitation Scope

Over $5.8 million in total rehabilitation expenditures including:

  • Kitchen cabinets, countertops, appliances and flooring replacement
  • Bathroom vanity, water closet, lavatory & flooring replacement
  • Furnace and air conditioning replacement
  • Life safety improvements
  • Elevator upgrades
  • Renovated community spaces and management offices
  • Adaptation of units to allow for occupancy by wheelchair-bound residents
  • Facade improvements
  • Site improvements

Other Benefits for Residents and the Community include: a new picnic area, a computer center, renovated lounges, and a Resident Services Program.

Development Partners

Allocating Agency
Maryland Community Development Administration

a division of the Maryland Department of Housing and Community Development

Local HUD Office
Baltimore HUD Office

City of Baltimore, Maryland

Legal Counsel
Holland & Knight LLP

Nixon Peabody LLP

Hord, Coplan & Macht

General Contractor
Harkins Builders, Inc.

Due Diligence Contractors
Appraisal: The Signal Group

Capital Needs: EMG Corporation
Environmental: John D. Hynes & Associates
Surveyor: John H. Plummer & Associates, Inc.