R&C Represents Developers in Transaction Creating 42 Units of Affordable Housing for Formerly Homeless Youth
R&C represented the developers, French Development Company and Empire Homes of Maryland, Inc. in a transaction that, when complete, will create 42 units of affordable housing for homeless youth and youth aging out of foster care in Baltimore City. The development, Restoration Gardens II, will be financed with LIHTC Equity, a Construction Loan by Bank of America, a City Bond Loan, a FHLB AHP Loan, a CORE Grant Loan, other State grants, and a Deferred Fee. The property on which the units will be developed, 4201 York Road, has quite an interesting history as it was the Moran Funeral Home from the late 1890’s to the 1970’s and was privately owned for a time before falling into disrepair as of the last few years. Unfortunately, the “Haunted House” had no opportunity to be saved. However, the property was acquired in 2015 by AIDS Interfaith Residential Services and its affiliate, Empire Homes of Maryland. Architect Cho Benn Holback has designed a 42-unit brick apartment house planned as a southern anchor for the York Road Partnership and its member neighborhoods. R&C’s Clients French Development and Empire Homes of Maryland will bring this incredibly deserving project to fruition. Although the apartments will be priced at 800 dollars a month, residents will pay no more than 30% of their income in rent. Congrats to the R&C Team of Lauren Lyon-Collis, Seth Zirkle, Hannah Holden, and Octavia King, with assistance from Dwayne Barrett and Laura Schwarz, on closing this transaction that is sure to bring positive change to the community!