Enterprise’s Affordable, Green Development Breaks Ground in Baltimore
- Jul 30, 2015
Baltimore—Enterprise Homes officially broke ground on a new development situated within the Bromo Tower Arts & Entertainment District.
Enterprise celebrated the launch of the $22.3 million Mulberry at Park Apartments with Baltimore City Mayor Stephanie Rawlings-Blake, Baltimore Housing Commissioner Paul T. Graziano, Maryland Department of Housing and Community Development Secretary Kenneth C. Holt, other city and state officials and representatives from the U.S. Department of Housing and Urban Development, Bank of America, Baltimore Development Corporation and the Downtown Partnership of Baltimore.
“It is my honor and pleasure to be on hand to celebrate the groundbreaking for Enterprise Homes’ new community, Mulberry at Park Apartments,” said Maryland Department of Housing and Community Development Secretary Kenneth C. Holt. “This development is helping to create jobs while also bringing much-needed affordable, green living to Baltimore City. We are proud partners with Enterprise Homes on this important project and our shared goal of providing better, greener, more affordable housing that changes Maryland for the better.”
Mulberry at Park will feature 34 one-bedroom, 27 two-bedroom and seven three-bedroom apartments with rents ranging from $773 to $1,155. 13 units will accommodate persons with physical disabilities. Designed by Marks, Thomas Architects, the building aims to complement the historic architecture in the surrounding neighborhood. Property amenities will highlight a cyber café/multipurpose room, study room, fitness center, and outdoor terrace area. The development will meet Enterprise Green Communities Criteria and LEED Silver standards, providing energy-efficient features such as double-plane, low-E windows, water-conserving plumbing fixtures, Energy Star appliances, energy-saving light fixtures, and Green Label carpet. Habitat America will offer on-site resident services.
“With the start of Mulberry at Park Apartments, Baltimore will continue to grow and meet the goal of 10,000 new families,” said Mayor Stephanie Rawlings-Blake. “I am proud to have Enterprise Homes as a partner in this exciting initiative, which will bring a new, vibrant community to downtown Baltimore.”
Bank of America is supplying $15.8 million in construction financing, tax credit equity and permanent financing. Additional financing sources are the State of Maryland Department of Housing and Community Development ($1.5 million) and Baltimore City ($870,000).
“Bank of America Merrill Lynch is pleased to continue its long relationship with Enterprise, providing debt and equity financing for this green, transit-oriented, multi-family apartment community,” said Senior Vice President of Community Development Banking for Bank of America Merrill Lynch Miles Cary III. “This transaction represents the first nine percent LIHTC project financed by the Bank for Enterprise.”
“We’re continuing our commitment to build high-quality homes in Baltimore,” said Chickie Grayson, president and CEO, Enterprise Homes. “This new community brings Enterprise closer to our goal of ending housing insecurity within a generation by creating opportunity for people and providing them with connections to jobs, good schools, transit and health care.”