Westminster House Apartments – 524 N Charles Avenue, Baltimore, MD
Hudson Valley Property Group and United Presbyterian Ministries of Maryland
Total Development Cost – $46,900,000
Construction and Permanent Financing Closed June 2017
Audubon Enterprises was engaged by a partnership between Co-Developers Hudson Valley Property Group (HVPG) and the 501(c)3 nonprofit United Presbyterian Ministries of Maryland, Inc. (UPM) to serve as the exclusive financial advisor to their substantial rehabilitation of a 283-unit affordable senior housing tower in downtown Baltimore, Maryland that was in need of significant modernization and repair. The building had not undergone major renovations since its original construction in 1968 under HUD’s Section 202 program. Audubon led the financial structuring which includes a $19.5 million FHA insured 221(d)(4) mortgage serviced by AGM Financial, $21 million of tax exempt bonds issued by the Maryland Community Development Administration and purchased by JP Morgan Chase, and $13.4 million in Low Income Housing Tax Credits (LIHTC) syndicated by R4 Capital.
Prior to the rehabilitation, 86 units supported by a project based rental assistance contract. Audubon assisted in securing 18 new project based vouchers for a total of 104. As result of the Section 202 prepayment, residents of the 179 unsubsidized units will be eligible for new Tenant Protection Vouchers, which may convert to project based vouchers. Audubon also led the negotiations with the City of Baltimore which yielded a new 40 year Payment in Lieu of Taxes (PILOT) agreement.
The design team was led by Kramer + Marks Architects, and renovations will be performed by Whiting-Turner Construction. The original nonprofit owner will continue to manage the properties operations going forward, as they have done successfully since the original construction. Resident amenities on site include a convenience store, a beauty salon, below-grade garage parking, a business center/computer lab, multiple multipurpose spaces, central laundry, on-site management, and service coordination.