Greysteel Brokers Affordable Maryland Community Sale
- Jun 10, 2021
CSI Support & Development has acquired Birchwood at Waldorf, a 96-unit senior fully affordable community in Waldorf, Md., from Ingerman Affordable Housing. The non-profit buyer will preserve the community as affordable housing.
The acquisition involved a loan assumption arranged by Maryland’s Community Development Administration. Greysteel’s Affordable Housing group brokered the sale.
Built in 2006, the community received financing from the federal low-income housing tax credit program. Birchwood at Waldorf’s units are available for seniors earning between 30 and 60 percent of the area’s median income.
The garden-style community located at 3605 Moses Way provides a mix of one- and two-bedroom units. Catering for its tenants aged 55 and over, the property is wheelchair accessible and has a fitness center. Additional amenities include laundry facilities, a meeting and activity space, a lounge and on-site management.
The age-restricted community is conveniently located 1.5 miles from downtown Waldorf, which offers a variety of shopping and dining options. The property is also within walking distance of several medical facilities.
The Greysteel team headed by Managing Director Henry Mathies and Senior Associate Fletcher Hultman facilitated the deal. Both the seller and buyer specialize in affordable housing. A growing trend in the industry, accelerated by the pandemic, is converting hotels to senior housing assets. According to Senior Housing Global Advisors Principal Mel Gamzon, it’s a sign of the times.