Silver Street Development Corporation is nearing completion of its $11 million rehabilitation of the Village at Lakeview apartment complex, a 223-unit family LIHTC property located in Edgewood, MD. Silver Street acquired the property in May 2018 and the rehabilitation is currently approximately 77% complete with substantial completion scheduled for June of 2019. The property has been owned and managed by Silver Street affiliates since its purchase in 2000 when Silver Street acquired and rehabilitated the property via a previous 4% LIHTC transaction. Silver Street’s prior rehabilitation of the asset completely transformed not only the building environment, but more importantly, it transformed the social environment. At the time of Silver Street’s 2000 acquisition, the property was the scene of substantial criminal activity and represented a troubled property in the local community. Through its active partnerships with local law enforcement, tenant outreach and its own proactive management, Silver Street wholly transitioned this property into a safe, high-quality home for its many residents.
Over its 18 years of ownership since its prior renovations were completed, the property’s building systems have begun to reach the end of their useful life and, due to years of prior usage, many building components are in need of repair or replacement. To preserve the property’s affordability and provide the highest quality housing possible, Silver Street completed a 4% LIHTC resyndication utilizing $19 million in bonds issued by the State of Maryland’s Department of Housing and Community Development (MDDHCD). The acquisition and rehabilitation of the property was financed by a $28 million HUD 221(d)(4) loan from Prudential Affordable Mortgage Capital and $11million in LIHTC equity from Boston Financial Investment Management. To maximize the property’s energy efficiency, Silver Street also secured a $740,000 EmPower grant from MDHDCD to pay for high efficiency HVAC units and hot water heaters, water-saving fixtures and LED lighting.
The $49,000/unit property rehabilitation includes new roofing; windows and patio doors; new kitchens with EnergyStar appliances and new cabinets, countertops and flooring; new bathrooms with new WaterSense fixtures and flooring; high efficiency, EnergyStar HVAC equipment and hot water heaters; new LED lighting; upgrades to the community building and management offices; a new security camera system; multiple site upgrades including a new playground and tot lot; and twelve (12) new, fully accessible ADA units.
This rehabilitation assures the property will remain a high-quality living environment for the many families that call it home and builds upon the strong social environment Silver Street has established since its original acquisition of the property. The Village at Lakeview will therefore continue to meet Silver Street’s mission to provide high quality, affordable housing to its residents for years to come.