ACQUISITION / PRESERVATION The NHP Foundation Announces $8.7 Million Acquisition of Princess Anne Townhouses in Maryland Leading Affordable Housing Not-for-Profit Partnered with LIIF, Morgan Stanley to Acquire 2nd Area Property
May 30, 2018, New York, NY— The NHP Foundation (“NHPF”), a national not-for-profit provider of affordable housing, announced that it received an $8.7 million acquisition loan through the National Affordable Housing Trust (NAHT) in partnership with the Low Income Investment Fund (LIIF) and Morgan Stanley to purchase the Princess Anne Townhouses in Somerset County, MD. The 105% loan to value deal, which closed May 15, 2018 enabled NHPF to purchase the 120-townhome property which it intends to rehab in late 2018, early 2019. Located at 30475 Pine Knoll Dr., Princess Anne, MD, it is a year 15 tax credit property with 54 Section 8 units, 49 LIHTC units and 17 units at 80% AMI each featuring two to three bedrooms. “Princess Anne Townhouses represent a very attractive acquisition target and important addition to our growing Maryland portfolio,” said NHPF President and CEO Richard Burns. “The property is in a qualified census track in an area that the state of Maryland has defined as high opportunity.” The NHP Foundation has committed to providing updated kitchens, baths, flooring and in some cases, additional bedrooms to provide increased accessibility.
Added Neal Drobenare, NHPF SVP of Acquisitions, “In keeping with our other recent acquisitions, Princess Anne will be an energy- efficient property in compliance with Enterprise Green Standards, and the property will also benefit from resident services via NHPF’s affiliate program, Operation Pathways.”
33
Powered by FlippingBook