Enterprise Recapitalizes Three Maryland Senior Housing Sites With $60M
By Keith Loria December 14, 2021 4:29 pmreprints
Enterprise Community Development has closed on $60 million of financing to fund the acquisition and renovations of three senior living communities, totaling 292 units, in suburban Maryland.
The properties were part of a 43-property affordable housing portfolio acquisition by Enterprise Community Development in 2017 from The Shelter Group, and $32 million of the financing will cover past acquisitions costs. The remaining $28 million will go toward renovations and upgrades on all three, the company said.
The three properties are Park View at Furnace Branch, a 101-unit senior housing property at 7466 East Furnace Branch Road in Glen Burnie; a 91-unit property at Park View at Ellicott City II, located at 8700 Ridge Road, and Park View at Snowden River, a 100-unit property at 8610 Snowden River Parkway in Columbia.
“The senior population growth in Anne Arundel County is on a steady upward climb, while options for quality senior housing have remained stagnant,” Jessica Jones, senior real estate development manager for Enterprise Community Development, told Commercial Observer. “As a result, housing being provided at these three Park View properties are in high demand, as demonstrated by each of the properties’ consistently high-occupancy rates.”
Financing was provided by the State of Maryland’s Department of Housing and Community Development, Arundel Community Development Services, Enterprise Community Investment and Bellwether Enterprise.
All three communities were originally built in the early 2000s and serve low-income senior households earning up to 60 percent of the area median income. At Snowden River, 83 units house residents making 50 percent of AMI or below.
Enterprise Community Development will provide moderate renovations that will include roof, windows and panel siding replacements as necessary. Additionally, sidewalk and parking lot repairs will be made to comply with accessibility standards.
Inside, new lighting, appliances and flooring will be updated and energy-efficient improvements will include new air conditioning and heating units, low-flow plumbing fixtures and new LED light fixtures.
“While all three properties have been well-performing, well-maintained assets, the communities need some physical upgrades and repairs to ensure that they continue to serve our residents at a quality and efficiency that meets the current standards of Enterprise Community Development,” Jones said.
Keith Loria can be reached at Kloria@commercialobserver.com.