AHC And Greater Baltimore AHC (Dunfield)

AHC through its Greater Baltimore office requested a $750,000 project loan that will serve as a portion of its equity in the $57.6MM acquisition of a 312-unit multi-family rental property known as Dunfield Townhomes, located in Nottingham, Baltimore County MD. Dunfield Townhomes is a low‐rise apartment complex comprised of 24 multi‐family buildings and one maintenance building constructed between 1986 and 1988. The Property is located on the southwest side of Dunfield Road between Walther Boulevard and Kintore Drive in a mixed commercial and residential area of Baltimore County. A supermarket, neighborhood retail and public schools are nearby. Dunfield Townhomes offers 72 two‐bedroom/one‐bath units, 48 two‐bedroom/one‐half bath units and 192 three‐bedroom/one‐half bath units. The property currently shares amenities located on a neighboring property (Foxhall Apartments) including a swimming pool; two tennis courts; a basketball court; and a fitness center. Currently, Dunfield residents can access the Foxhall amenities through an agreement between the two properties. AHC will attempt to maintain access to the amenities on the same terms.

Unit amenities include refrigerators; ranges/ovens; microwaves; range hoods; dishwashers; and, washing machines and dryers. The current rents at the property are at market rate, however AHC intends to secure 78 project-based Section 8 vouchers to allow for affordability by lower income families. The acquisition will preserve the long-term affordability in an area that has been highlighted by Baltimore County as a high opportunity.

This project is financed under a Quick Strike Acquisition Line of Credit financing facility led by LIIF. Calvert Impact Capital is a participant in this loan.