Enterprise Affordable Housing Coming to Baltimore
- Jun 07, 2015
More affordable housing is coming to Baltimore. Last month, Enterprise Homes, Inc., the development arm of Columbia-based Enterprise Community Partners, closed on financing for the construction of a new building, with 68 affordable apartments, at 211 West Mulberry St.
The project is called Mulberry at Park. Enterprise will invest $22.3 million to build it. The new complex will feature 34 one-bedroom, 27 two-bedroom and seven three-bedroom apartments of which 13 will accommodate persons with physical disabilities. According to Multi-Housing News, rents will range between $773 and $1,155 per month. Amenities will include a cyber café, outdoor terrace, fitness room and underground parking. Enterprise also announced that Mulberry at Park is designed to achieve LEED Silver certification.
Bank of America is providing $15.8 million in construction financing for the project, as well as tax credit equity and permanent financing. The State of Maryland Department of Housing and Community Development and the City of Baltimore are also helping, with additional financing worth $1.5 million and $870,000, respectively.
Harkins Builders, Inc. is the project’s general contractor. The Marriottsville-based company started work at the end of last month. Mulberry at Park was designed by Marks Thomas Architects. It is expected to open its doors to its new residents in the summer of 2016.