Columbia Landing, Howard County Housing Commission

columbialanding

HO&C is currently under contract with Howard County Housing Agency (HCHA) in Columbia, Maryland to provide Asset Management and Construction Management services. HO&C assisted Howard County Housing Commission to acquire a 300 unit multifamily project located in Columbia, Maryland serving residents of various income levels.

During the acquisition process, HO&C developed a Physical Needs Assessment (“PNA”) for the property based on short term needs as well as long term asset repositioning plan. HO&C also developed and executed a short term financing structure using conventional sources for the acquisition with a long term financing plan utilizing tax-exempt bonds and low income housing tax credits.

Using this financing structure, HCHA was able to close on the acquisition within the 60 days closing period instituted by the seller. Also, the short term financing using LIBOR benchmark was able to take advantage of the low interest rate market. The project was underwritten at fixed 3.45% using interest rate swap derivatives.

The project is expected to cash flow over $2.0 million over the next 2 years. Due to a successful acquisition of the property, HCHA has engaged HO&C to serve as Asset Manager and Construction Manager for the next two years to plan, supervise, and monitor the renovation of the property.

PROJECTS

The Station at Potomac Yard (Alexandria, VA)

The Art Place (Washington, DC)

Attick Towers (College Park, MD)

Booth Street Property (Salisbury, MD)

Gude Drive New Shared Facilities (Montgomery County, MD)

Havre de Grace Housing Authority (Havre de Grace, MD)

Columbia Landing (Howard County, MD)

Life Creek Senior Housing (Oak Creek, WI)

Light Global Mission Church Senior Housing (Fairfax, VA)

Pooks Hill Towers (Montgomery County, MD)

Revitz House Project (Rockville, MD)

Suffolk Redevelopment (Suffolk, VA)