Overlook Manor Townhouses

Affordable Housing In Frederick, Maryland

Overlook Manor was was acquired on November 24, 2020 and is planned for a moderate rehabilitation 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 rehab would include replacement of most kitchen and bathroom components, HVAC equipment, water heaters, windows, light fixtures and flooring. Substantial work would also be 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.

Financing
Secured financing and funding or this project included:

$224,000Permanent Loan or T-E Bonds
$4,735,000LIHTC Equity
$2,500,000MD CDA Funds
$1,075,000Other Soft Funds (MD CDA)
$100GP Equity
$200,000Deferred Developer Fee
$100,000Interim Income
$224,000HUD Working Capital Reserve
$350,000MD CDA EmPOWER Loan
$20,384,100Total Sources

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