Columbia Landing
CD is currently under contract with Howard County Housing Agency (HCHA) in Columbia, Maryland to provide Asset Management and Construction Management services. CD assisted Howard County Housing Commission to acquire a 300 unit multifamily project located in Columbia, Maryland serving residents of various income levels.
During the acquisition process, CD developed a Physical Needs Assessment (“PNA”) for the property based on short term needs as well as long term asset repositioning plan. CD also developed and executed a short term financing structure using conventional sources for the acquisition with a long term financing plan utilizing tax-exempt bonds and low income housing tax credits.
Using this financing structure, HCHA was able to close on the acquisition within the 60 days closing period instituted by the seller. Also, the short term financing using LIBOR benchmark was able to take advantage of the low interest rate market. The project was underwritten at fixed 3.45% using interest rate swap derivatives.
The project cash flowed over $2.0 million in the first two years and CD served as the asset manager as well as the construction manager for the renovations.
Details
Location
Howard County, MD