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
Municipality
City of Baltimore, Maryland
Legal Counsel
Holland & Knight LLP
Nixon Peabody LLP
Architect
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.
