Hollander Ridge
Affordable Housing in Baltimore, Maryland
Hollander Ridge is a 94-unit scattered site property located throughout Baltimore City, Maryland. The units include attached, semi-attached and detached single family houses. Hollander Ridge includes one- to four-bedroom house types, with each house being unique in design, construction, and other physical features such as decks, patios and garages. The properties were acquired on April 29, 2020 and immediately underwent rehabilitation. Most homes underwent only moderate rehabilitation, while others required more extensive replacement of core systems such as HVAC replacements and total kitchen replacements (new appliances, etc.).
Total Cost
| $41,035,862 |
Financing: Tax Credit Rehabilitation
Secured financing and funding for this project include:
| $10,702,034 | 4% LIHTC Equity |
| $9,445,650 | Seller Note |
| $7,246,113 | Third Party Loan |
| $6,228,000 | Perm Loan / T-E Bonds (Freddie Mac) |
| $2,500,000 | Rental Housing Works Funding |
| $2,379,000 | Baltimore Affordable Housing Development (BAHD) Soft Loan |
| $1,500,000 | Rental Housing Partnership Funding |
| $1,414,898 | Deferred Developer Fee |