JLL Secures Financing for Fully Affordable Senior Housing Tower in B-more County
- Mar 17, 2016
Baltimore—Tabco Towers, a 200-unit affordable senior housing community located minutes south of the Baltimore Beltway, recently received financing with help from JLL’s Capital Markets team.
Working on behalf of Wishrock Investment Group, the JLL team led by Managing Director Tim Leonhard secured $24.5 million in acquisition and rehabilitation for the 200-unit property in Towson. The transaction also includes renovation costs aiming to make the building more energy efficient and handicap accessible.
The 40-year fully-amortizing loan was secured through the Federal Housing Association’s 221(d)(4) sub rehab program. The deal features a 90 percent loan-to-cost ratio and an interest rate of 3.65 percent. In addition to the main HUD financing, the loan received 4 percent low income housing tax credits, several subordinate loans from the state of Maryland, and a property tax abatement from Baltimore County.
The age restricted Tabco Tower senior community sitting on a 0.94-acre lot at 305 E. Joppa Rd. is located in near vicinity of Towson Town Center, the third largest indoor shopping mall in Maryland. The property is also close to the Greater Baltimore Medical Center, The Shops at Kenilworth, and several other smaller Baltimore retailers and restaurants.
The 22-story building saw completion in 1974 and offers controlled access, laundry facilities, and a total of 65 parking spots. According to Yardi Matrix, Tabco Tower comprises 120 studio units ranging from 420 to 610 square feet, as well as 80 one-bedroom, 650-square-foot units.
“Tabco Towers provides essential housing for the Towson community and by securing this loan, we will not only maintain the building as affordable, but will also be able to pursue significant renovations to improve accessibility and quality of life for residents,” said Bryan Shumway, Wishrock director of development, in prepared remarks.
Image courtesy of Yardi Matrix