The NHP Foundation (NHPF) received an $8.7 million loan for the acquisition of Princess Anne Townhouses in Somerset County, Md. The 105-percent loan-to-value deal came through the National Affordable Housing Trust, in partnership with the Low Income Investment Fund and Morgan Stanley.
Located at 30475 Pine Knoll Drive in Princess Anne, Md., Princess Anne Townhouses is a year 15 tax credit property. The asset comprises 54 Section 8 units, 49 LIHTC units and 17 units restricted to residents earning 80 percent of the area’s median income. Each townhouse features two to three bedrooms.
NHPF plans to upgrade the 120-townhome property between late 2018 and early 2019. The renovation program includes refurbished kitchens, baths, flooring and additional bedrooms, in some cases.
“The property is in a qualified census track in an area that the state of Maryland has defined as high opportunity,” President & CEO Richard Burns said, in prepared remarks. “In keeping with our other recent acquisitions, Princess Anne will be an energy-efficient property in compliance with Enterprise Green Standards, and the property will also benefit from resident services via NHPF’s affiliate program, Operation Pathways,” added Neal Drobenare, senior vice president of acquisitions.
Image courtesy of NHP Foundation