Mount Clare Overlook
Mount Clare Overlook was built in 1981 and originally financed under Section 221 (d) (4). The principals of Evergreen purchased Mount Clare in 2006. Rehabilitation construction were completed in spring 2007. The community includes 99 one-bedroom apartments and 10 two-bedroom apartments for the elderly and disabled. All of the apartments are covered by Section 8 project-based subsidy. Mount Clare is located in the heart of Baltimore, right next to the Train Museum and near public transportation, shopping and healthcare. We were able to obtain a PILOT agreement with the City to further ensure the ongoing financial stability of the property.
Mount Clare Overlook
83 West Pratt Street
Baltimore, MD 21201
Phone: (410) 727-4477
Office Hours: M-F 9:00 am-5:00 pm
Preservation Transaction Description
First Mortgage Financing: Tax-exempt financing using bonds issued by the Maryland Community Development Authority with FHA credit enhancement.
Equity Financing: Equity raised through the sale of 4% low income housing tax credits.
Section 8 Contract Renewal: yes
Payment in Lieu of Taxes: yes
Property Rehabilitation Scope
Over $2 million in total rehabilitation expenditures including:
- Kitchen cabinets, countertops, appliances, & flooring replacement
- Bathroom vanity, water closet, lavatory & flooring replacement
- Carpeting replacement
- Gas-fired furnace replacement
- Window replacement
Development Partners
Allocating Agency
Local HUD Office
HUD Baltimore Office
Municipality
City of Baltimore, Maryland
First Mortgage Lender
Deutsche Bank
Tax Credit Investor
SunAmerica Affordable Housing Partners, Inc.
Legal Counsel
Nixon Peabody LLP
Honigman Miller Schwartz & Cohn LLP
Architect
The Architectural Team
General Contractor
Whiting-Turner Contracting Co.
