Autumn Woods
Bladensburg, Maryland

After

Before

Project Description
Acquisition and renovation in 1999 of a 35-year old troubled 647-unit multifamily rental project situated on an attractive, thirty (30) acre site with rolling hills and mature landscaping in Prince Georges County. After foreclosing on the previous developer, Lehman Brothers asked the Landex/Richman Team to perform a workout of the $20mm loan and failing asset. Existing improvements to be completed in two phases include 34 residential buildings (478 apartments with clubhouse, pool and ancillary classroom spaces). The development strategy is to
reposition the multi-family property in the Washington, DC – metropolitan marketplace by transforming the
structures and greatly enhancing on-site management. The developers are reducing the density of the property by 25%, in order to make it more compatible with the surrounding neighborhood scale and they are constructing a new 7,500 sq. ft. clubhouse with a pool, exercise facility, and business office center. Renovations of the exterior and interior of the buildings as well as the site work and landscaping will include among other things kitchens, baths, roofs, heating systems, balconies, entry ways, etc. and landscaping and soil erosion control. The Property, which is being redeveloped in conjunction with Lehman Brothers, has received enthusiastic support from the community, the Mayor and Town Council, the County Executive, and the Governor of Maryland.

Project Cost
Phase I ---$34 Million

Financing
Phase I:
Tax Exempt Bond Financing (w/FHA 221.d.4 mortgage insurance) - $20.0 Million
Lehman Brothers - $6.0 Million
Equity - $8.0 Million
Low-Income Housing Tax Credits - $11.1 Million (4%)

Community and Supportive Services

• Onsite after school program
• Community Policing Partnership with Town of Bladensburg
• Linkages with existing neighborhood facilities (i.e. health club)
• Computer Learning Center

Public/Private Partners

• Landex Corporation, Developer/Sponsor/Guarantor
• The Richman Group, Developer/Sponsor/Guarantor
• Lehman Brothers
• Town of Bladensburg
• Prince Georges County, Maryland
• State of Maryland
• US Department of Housing and Urban Development
• Housing Opportunities Unlimited

References

• Rodney Foxworth, Town Administrator Town of Bladensburg
  Phone: 301-927-7048
  Fax: 301-927-5257
• Marge Wolfe, Deputy Secretary
  MD Dept of Housing & Community Development
  Phone: 410-514-7002
  Fax: 410-987-4070
  
  Awards
• Recipient of HUD New Approach Grant – (2000)
• Recipient of the Department of Education Community Technology Center Grant – (2001)