Enterprise Community Development Closes On Construction Financing For Roslyn Rise

Enterprise Community Development, Inc. (ECD) closed on construction financing this month for Roslyn Rise in Columbia, Maryland. Roslyn Rise represents the first portion of a multiphase redevelopment project on a housing community originally built during the 1960s. Upon completion, Roslyn Rise will feature 153 households in a modern, amenity-rich, accessible and sustainable mixed-income community.

The Roslyn Rise redevelopment will consist of two four-story, elevator-served structures containing surface and underground garage parking. Infrastructure at Roslyn Rise will be built to National Green Building Standard requirements and have green features throughout, including Energy Star appliances, high-efficiency HVAC systems, heat pump hot water heaters and solar hot water. Inside the buildings, residents will enjoy a mix of one-, two-, three- and four-bedroom units with ample common areas that will feature a club room, after-school homework club space, a fitness center and business center. The Roslyn Rise community will also include on-site outdoor recreation areas, including a signature plaza area, dog park, playground and family recreation area and connections to outdoor paths and recreational facilities maintained by the Columbia Association.

The Roslyn Rise redevelopment represents Enterprise Community Development’s first truly mixed-income community in Howard County. Roslyn Rise has provided stable and affordable housing to 58 families since the 1960s. But like many other communities built during this era, its affordability covenants were set to expire, and the infrastructure, floor plans and amenities were obsolete compared to today’s standards. Community Homes Housing, Inc., which had owned the community, partnered with Enterprise Community Development to reimagine Roslyn Rise while preserving and increasing the number of affordable homes for future generations.

“We are grateful for the support of the County Administration and Council, community groups, housing advocates, financial partners and government agencies for their support of the redevelopment and Enterprise’s development team for their steadfast vision, leadership and perseverance to achieve this milestone,” said Dan Kelliher, Board President of Community Homes Housing, Inc. “It was particularly important for our mission to not only build new housing for future residents, but also to ensure that the households which were temporarily relocated will have the opportunity to return when the community reopens in 2024 and enjoy the redevelopment.”

Located in the heart of Columbia, Maryland, Roslyn Rise is a quiet, multifamily community less than five minutes from the Columbia Mall, movie theater, shops and grocery stores. The community, located at 10339 Twin Rivers Road in Columbia, offers residents easy access to Interstate 495.

“Enterprise Community Development recognizes the importance of redeveloping these properties for the benefit of Columbia, Maryland. Columbia represents one of the country’s most visionary planned communities developed by Jim Rouse, who also founded Enterprise Community Partners. His vision for Columbia is woven into our organization’s DNA, and our plans for Roslyn Rise represent a long overdue reinvestment in keeping his dream alive,” said Brian McLaughlin, president of Enterprise Community Development, an Enterprise Community Partners affiliate. “Our mission for Roslyn Rise is simple: to advance housing equality and life outcomes by reimagining affordable housing in Columbia.”

Financing for the new 153-unit Roslyn Rise redevelopment will be accomplished through a LIHTC (low-income housing tax credit) “twin” (4% and 9% LIHTC) structure, owned by separate single-purpose entities: 94 units (4% building) owned by Roslyn Rise Four, LLC and 59 units (9% building) owned by Roslyn Rise Nine, LLC. The total redevelopment costs are $39,135,000 for Roslyn Rise 4% and $31,205,000 for Roslyn Rise 9%. The developments are supported by construction loans from the following: Bank of America, LIHTC equity from Bank of America and syndicated by Enterprise Housing Credit Investments; permanent first mortgages originated by Bellwether Enterprise; significant subordinate debt from Community Homes Housing, Inc. and Maryland Community Development Administration; a tax-exempt bond debt issued by Maryland CDA and a Payment In Lieu of Taxes through Howard County. Favorable financing from Fannie Mae through the Healthy Housing Rewards Enhanced Resident Services program was provided in exchange for Enterprise Community Development’s commitment to offering enhanced resident services to improve the health and stability of residents throughout the term of the mortgage.

Grimm & Parker is the project architect and Harkins Builders is the general contractor. Enterprise Residential, an Enterprise Community Development affiliate, will serve as the property management company and coordinate resident services.

Enterprise Community Partners is a proven and powerful nonprofit that improves communities and people’s lives by making well-designed homes affordable and connected to opportunity. As a social enterprise, we bring together the nationwide know-how, policy leadership, partners, donors and investors to multiply the impact of local affordable housing development. Over more than 35 years, Enterprise has created 662,000 homes, invested nearly $53 billion and touched millions of lives. Join us at www.EnterpriseCommunity.org.

Enterprise Community Development (ECD) specializes in high-impact residential development, property management and resident supportive services. With 60 years of collective experience, ECD was formed in January 2020 through the combination of Enterprise Homes, Inc. and Community Preservation and Development Corporation. Setting high standards for community planning, affordable housing and a curated residential experience, ECD strives to continue leading innovative solutions in the Mid-Atlantic’s housing market. The fifth-largest non-profit affordable housing provider in the country, and the largest regional provider in the Mid-Atlantic, ECD has developed more than 16,000 well-designed homes in over 100 communities across the Mid-Atlantic. ECD has offices in Baltimore, Washington, D.C. and Richmond and is part of the Enterprise family of companies. For more information, visit https://www.EnterpriseCommunity.org/financing-and-development/community-development.