Greystone Arranges Financing for Baltimore Affordable Housing
Several community organizations provided grants to support the transit-oriented project.
Cold Spring Lane. Image courtesy of Greystone
Greystone has provided a total of $15 million in forward-committed loans for the construction of Cold Spring Lane, a 165-unit transit-oriented affordable housing community located at 3205 W. Cold Spring Lane in Baltimore. The loans consisted of a $12.36 million, 4 percent LIHTC tax-exempt loan from Freddie Mac, as well as a 9 percent LIHTC loan for $2.17 million. Greystone supplied the financing in partnership with Bank of America, on behalf of the developer, Conifer Realty LLC.
The Freddie Mac loan is forward committed for 36 months, with a 17-year permanent loan term and a 35-year amortization of debts. In addition to Greystone and Bank of America, Community Development Association, the Baltimore Regional Neighborhood Initiative Program and Project C.O.R.E. Grant have provided grants for the community’s construction.
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After its completion, Cold Spring Lane Will feature a mix of 67 one-bedroom, 57 two-bedroom, and 41 three-bedroom units. Situated adjacent to the Cold Spring Metro Station, along the city’s Liberty Heights public transportation artery, the community will offer quick access to downtown Baltimore, less than 5 miles away.
Baltimore’s bristly multifamily recovery
Baltimore’s larger economy by and large still struggles with slowing-rising interest rates and an aging population, which have led to a sluggish and uneven recovery with a rent growth of 9.4 percent and a 0.3 percent total unit stock completion rate sitting below the national averages of 13.7 percent and 0.75 percent, respectively, according to data from an August 2022 Yardi Matrix report. The low supply of affordable housing remains an ongoing issue for the city. As of June 2022, the city had 5,151 units in its pipeline, 16.8 percent of which are fully affordable, the report shows.
Another recently announced affordable housing project in the area is SCG Development Partners’ construction of South Street Centre Apartments, a 152-unit property in Frederick.
