Baltimore Affordable Senior Property Lands $33M HUD Loan
National Preservation Housing Partners purchased Zion Towers, a 211-unit community, for $39 million. HUD insured a $32.8 million loan for the acquisition and renovation of the property.
Cambridge Realty Capital Cos. has structured a $32.8 million HUD insured loan for the purchase and partial upgrade of Zion Towers in Baltimore. According to Yardi Matrix data, National Preservation Housing Partners purchased the 211-unit affordable senior housing community from SHP Acquisitions, for $39 million.
The fully amortized, non-recourse 35-year term loan, funded by tax exempt bonds, uses the HUD Section 207 pursuant to Section 223(f) mortgage insurance program. The State of Maryland’s Community Development Authority issued both tax exempt bonds and low-income tax credits, which, in combination with the HUD mortgage insurance, will be used to upgrade the 1979-built property.
Located at 1100 Pennsylvania Ave., Zion towers is in the Upton neighborhood of Baltimore. State Center metro station is a 10-minute walk away, while the downtown area is within a five-minute walk of the site. The five-story property comprises one-bedroom apartments.
Earlier this month, a 124-unit affordable assisted living community in Indianapolis also received a $17.3 million construction loan, financed through HUD’s low-income tax credit program.
Image courtesy of Cambridge Realty Capital Cos.