Overlook Manor Townhouses
Affordable Housing In Frederick, Maryland
Overlook Manor was acquired on November 24, 2020 and closed on a moderate rehabilitation in April 2022 using a HUD-insured mortgage, short-term tax-exempt bonds and Low-Income Housing Tax Credits. The property was built in 1985 and contains 63 townhouse units in 9 buildings (plus an office). The moderate rehabilitation of the property includes replacement of most kitchen and bathroom components, HVAC equipment, water heaters, windows, light fixtures and flooring. Substantial work was also done to the building exteriors, such as replacement of all roofs that haven’t been replaced in the last few years, and patching/seal coating of the parking lot. In addition, extensions would be added to the first floor of 3 end units to create barrier free (ADA) units.
Refinancing
| $10,500,000 | Tax Exempt Bonds |
| $6,408,000 | LIHTC Equity |
| $2,500,000 | MD CDA Home Funds |
| $1,250,000 | MD CDA Rental Housing Works Loan |
| $340,000 | Deferred Developer Fee |
| $350,000 | Interim Income |
| $210,000 | HUD Working Capital Reserve |
| $323,977 | MD CDA EmPOWER Loan |
| $21,882,077 | Total Refinancing Cost |
Financing
Secured financing and funding or this project included:
| $224,000 | Permanent Loan or T-E Bonds |
|---|---|
| $4,735,000 | LIHTC Equity |
| $2,500,000 | MD CDA Funds |
| $1,075,000 | Other Soft Funds (MD CDA) |
| $100 | GP Equity |
| $200,000 | Deferred Developer Fee |
| $100,000 | Interim Income |
| $224,000 | HUD Working Capital Reserve |
| $350,000 | MD CDA EmPOWER Loan |
| $20,384,100 | Total Sources |