The Challenge
Condemned by the City of Annapolis in 1994 and scheduled to be vacated, this 198 unit federally insured property was failing both physically and financially.
The Plan
In 1995 Landex rescued the property from its pending demise by acquiring and renovating the complex using seven (7) sources of public and private financing totaling $12.5 million and creating a financing structure that included the Bay Ridge Resident Association as a member of the ownership entity.
Financing
- FHA Insured first mortgage
- $2,000,000
- Sun Trust Loan**
- $4,500,000
- ** MD Housing Fund Insurance
- ** Federal Home Loan Bank Interest Subsidy
- MD Rental Loan
- $1,000,000
- HOME
- $750,000
- City Section 8 Loan Guarantee
- $200,000
- PILOT Section 8 LMSA
Results
Bay Ridge Gardens, the first FHA-insured property in Maryland to establish a computer-based Neighborhood Network Center, was physically, financially and socially revitalized in 1995. While undergoing renovations, existing residents were temporarily relocated to “hospitality units” on site in accordance with the Uniform Relocation Act.
Among the many physical improvements to the property were new kitchens and baths, new roofs, new HVAC systems, new appliances, a new freestanding, handicapped-accessible community center, a new free-standing laundry center and on-site recreational amenities (playgrounds and a basketball court). The community center is the hub of the many resident service programs available to Bay Ridge Gardens residents. The property also has a web-based video camera system that can be monitored both on and off site to discourage loitering and any unpermitted activities.