**Enterprise Community Development Secures Financing for Columbia Redevelopment**
Enterprise Community Development has successfully closed on financing to redevelop two affordable housing communities in Columbia, Maryland.
**Ranleagh Court** will be transformed from a 41-unit development into an 82-unit apartment community within a new four-story, elevator-served building. The $47.88 million redevelopment is funded through:
– $21.44 million in short-term bonds from JPMorgan Chase Bank
– $13 million HUD 221(d)(4) permanent loan via M&T Realty Capital Corporation
– $13.04 million in Low-Income Housing Tax Credit (LIHTC), Section 45L, and Investment Tax Credit equity syndicated by Enterprise’s housing credit investments business
– Additional funding sources
**Waverly Winds** will replace an aging 62-unit property with a newly constructed, 123-unit community spanning two four-story buildings. The $64.15 million redevelopment is backed by:
– $32.24 million in construction loans from Bank of America
– $18.40 million in permanent first mortgages from Bellwether Enterprise
– Additional financing sources
The redevelopment team for both properties includes Moseley Architects and Harkins Builders, Inc., with management provided by Enterprise Residential, LLC.
