Enterprise Scores Financing to Expand, Renovate Silver Spring, Md., Apartments
By Keith Loria October 4, 2023 2:34 pm
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Enterprise Community Development has closed on financing for the $74 million redevelopment of the Park Montgomery Apartments in Silver Spring, Md.
The project will include the renovation of the 141-units at 8860 Piney Branch Road and the development of 76 new affordable apartments on a nearby site, to be called Park Montgomery West.
The project’s financing comes from a senior mortgage arranged by Bellwether Enterprise, low-income housing tax credits (9 percent for the new apartments and 4 percent for the existing building) provided through Enterprise’s housing credit investment business. Additional funding came from both the State of Maryland Community Development Administration and Montgomery County Department of Housing and Community Affairs, according to a release.
Enterprise Community Development will also use 28 housing assistance payment vouchers from the Montgomery County Housing Opportunity Commission for the two projects, according to The Daily Record.
The properties are less than a quarter mile from the upcoming Piney Branch station on the Metro’s purple line.
“Park Montgomery and Park Montgomery West add much-needed Metro- and light rail-accessible affordable housing in Montgomery County, supporting lower-income, working-class households with access to their jobs, incredible schools and world-class amenities,” Rob Fossi, senior vice president of real estate development for Enterprise Community Development, told Commercial Observer.
Park Montgomery spans 15 stories and sits adjacent to a parking garage. Enterprise will demolish the parking garage and replace it with the new five-floor building to accommodate 76 new apartments.
All 217 Park Montgomery apartments will serve residents earning 60 percent or less of the area median income, which currently is $91,970 for a household of four.
Soto Architecture and Urban Design and Harkins Builders have also been tapped for the project.
Update: This story originally misattributed source material. This has been corrected. We apologize for the error.
Keith Loria can be reached at Kloria@commercialobserver.com.
