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Enterprise Community Development has closed on financing for the $74 million redevelopment of the Park Montgomery Apartments in Silver Spring, Md.
The project will include the renovation of the 141-units at 8860 Piney Branch Road and the development of 76 new affordable apartments on a nearby site, to be called Park Montgomery West.
Funding for the project includes a senior mortgage arranged by Bellwether Enterprise, low-income housing tax credits (9 percent for the new apartments and 4 percent for the existing building) provided through Enterprise’s housing credit investment business. Additional funding came from both the State of Maryland Community Development Administration and Montgomery County Department of Housing and Community Affairs.
Enterprise Community Development will also be using 28 housing assistance payment vouchers through the Montgomery County Housing Opportunity Commission for the two projects.
The properties are less than a quarter mile from the upcoming Piney Branch station on the Metro’s purple line.
“Park Montgomery and Park Montgomery West add much-needed Metro- and light rail-accessible affordable housing in Montgomery County, supporting lower-income, working-class households with access to their jobs, incredible schools and world-class amenities,” Rob Fossi, senior vice president of real estate development for Enterprise Community Development, told Commercial Observer.
Built in 1971, Park Montgomery is a 15-story apartment building with an adjacent two-level parking garage. Enterprise will demolish the parking garage and replace it with the new five-floor building to accommodate 76 new apartments.
All 217 Park Montgomery apartments will serve residents earning 60 percent or less of the area median income, which currently is $91,970 for a household of four.
Soto Architecture and Urban Design is the project architect and Harkins Builders serves as the general contractor on both the new construction and the renovations
Keith Loria can be reached at Kloria@commercialobserver.com.
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