Fireside Park Apartments

In December 2012 CD closed on a $38 million acquisition of a 236 unit multifamily property in Rockville, Maryland on behalf of our client, Rockville Housing Enterprises (“RHE”). RHE will set aside 40% of the units for households making less than 60% of the AMI. 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. PNA has identified a rehabilitation budget totaling over $2 million to include new roofing, plumbing pipe lining, and HVAC unit replacement.

CD also executed a financing structure using conventional sources for the acquisition with a long term financing plan utilizing tax-exempt bonds and low income housing tax credits. The sources for the acquisition included a first mortgage from Citibank totaling $32.4 million, soft loan from Montgomery County totaling, $3.2 million, a soft loan from City of Rockville totaling $1.8 million, a grant from the City of Rockville totaling $200,000, and a $500,000 equity from RHE.