By Kathleen Krilanovich, Associate Editor
The Marlborough has served as a 100 percent Section 8 property reserved for elderly and disabled residents. In order to preserve the building, CHP secured allocations of tax-exempt bonds and the 4 percent Low Income Housing Tax Credit to allow for the Housing Preservation Inc., a non-profit organization, to have the ability to acquire and rebuild the 107-year-old landmark building.
“The Marlborough is unlike any other affordable housing in the country. The building is not only a remarkable example of historic architecture, but also as an anchor for one of Baltimore’s finest historic neighborhoods,” said David P. Garcia, managing director of CHP.
The redevelopment groundbreaking is scheduled to begin February 2015. CHP plans to monitor the 12-month construction process of the property.
To finance the project, Mark Ragsdale of PNC originated financing through Fannie Mae, and Bob Dicks of PNC purchased the 4 percent tax credits. This financing will permit for more than $60,000 per unit in critical repairs which will be overseen by Hamel Builders Inc., a well-respected firm in the metro-D.C. area. The architect for the project will be Miner Feinstein Architects LLC, which will be led by Alan Miner. Silver Tree Residential will be managing the property during construction and after the redevelopment’s completion.