Providing Homes to Those Who Need it Most
- May 28, 2015
Baltimore—Financing is now in place for Columbia, Md.-based Enterprise Homes Inc., the development arm of Enterprise Community Parters, to start work on 68 new affordable apartments at 211 West Mulberry St. in Baltimore. Harkins Builders will begin construction on the $22.3 million project this month, and it will be ready for occupancy in the summer of 2016.
Called Mulberry at Park, the new development will feature 34 one-bedroom, 27 two-bedroom and seven three-bedroom apartments. Of those, 13 units will accommodate persons with physical disabilities.
Bank of America will provide $15.8 million in construction financing as well as tax credit equity and permanent financing. The State of Maryland Department of Housing and Community Development will provide additional construction financing ($1.5 million), as will the City of Baltimore ($870,000).
Rents will range from $773 to $1,155 per month. That means that the property is reserved for families who earn 60 percent or less of the area median income.
Amenities will include a cyber café/lounge, outdoor terrace, fitness room and underground parking. The development, which is designed by Marks Thomas Architects, will meet Enterprise Green Communities Criteria and LEED Silver standards.