The Residences at Pine Knoll
Preservation of Affordable Housing in Princess Anne, Maryland
The Residences at Pine Knoll is located in Princess Anne County, Maryland. The development consists of 120 garden-style, multifamily, affordable rental townhouses. The project is well situated (just across the street from University of MD Eastern Shore) both geographically and transportation-wise. Princess Anne is located 12 miles from Salisbury, MD and easily accessible to all the area amenities it provides via Ocean Highway/US Route 13, located just a half mile from the property. The property was built in 1974 and was rehabilitated in 2001 with Low Income Housing Tax Credits (LIHTC).
All of the units are two or three-bedroom townhouse apartments with living room, dining and kitchen on the first floor and internal stairs to the second-floor bedrooms and bathrooms. Units feature fully equipped kitchens with modern appliances including a refrigerator, dishwasher and garbage disposal, along with washer/dryer connections. All units feature tile flooring in the kitchen and bathrooms, and wall to wall carpeting in the bedrooms. Some living areas are carpeted, while others are finished with tile flooring.
REDEVELOPMENT
Total Cost
| $24,165,987 |
Description
The rehabilitation of The Residences at Pine Knoll, which began in late 2020, provides moderate upgrades throughout the property to core building systems such as new water heaters, HVAC systems, lighting and plumbing fixtures, thermostats, flooring, and various bathroom amenities. In addition, six new ADA compliant units will be added to The Residences at Pine Knoll as part of the rehabilitation, ensuring that this property will not only remain affordable for another generation, but that this affordability will be available and accessible to all who need it.
Financing
Secured financing and funding for this redevelopment project is below:
| $13,000,000 | FHA 221(d)(4) Loan |
| $6,375,000 | LIHTC Equity |
| $2,500,000 | MD CDA HOME Funds |
| $755,000 | MD CDE HPT Funds |
| $325,900 | Deferred Developer Fee |
| $637,987 | MD CDA EmPOWER Loan |
| $260,000 | HUD Working Capital Reserve |
| $100,000 | Interim Income |
ACQUISITION / PRESERVATION
Total Cost
| $9,397,500 |
Description
Community amenities include a freestanding brick clubhouse with leasing offices, on-site laundry facility, business center and fitness center, along with a large central playground. The clubhouse is used to provide after-school and summer day care and activities for resident’s children. A small additional building houses the maintenance office.
The Residences at Pine Knoll income limits: 100% of the units are at or below 60% of the area median income (AMI).
Financing
Secured financing and funding for this project is below:
| $9,397,500 | LIIF Bridge Loan |
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