Projects

Shalom Square

The Shalom Square project is the substantial rehabilitation of a fifty-unit project located in the Long Reach Village of Columbia.   The thirty-five one-bedroom and fifteen efficiencies were originally built in 1979.  The rehabilitation will include new kitchens, bathrooms, roofs, windows, flooring and substantial energy efficiency upgrades.  The property will provide five barrier-free units and eight (15%) units set aside for the disabled.   The project sponsor, Heritage Housing Partners (HHP), has owned the development since its original construction and will continue to provide property management and social service connections to the property.    HHP has brought together a strong development team including Chesapeake Community Advisors as development consultant, Wiencek + Associates, architect and Southway Construction, general contractor.

The project construction will be financed with tax-exempt bond financing from DHCD, CDBG funds from Howard County, seller-take back financing and 4% tax credit equity through Cinnaire.

HHP had struggled to finance the much needed renovation for serval years before engaging CCA.  CCA was able to structure a deal that was acceptable to both Maryland DHCD and the tax credit investor that allowed HHP to maintain both the general partner role and property management, both important to HHP.

In addition, acquisition proceeds substantially enhanced HHP’s balance sheet.

Specifications

Development Type
15-Efficiency; 35-1 BDRM
Number of Units
50
Type of Housing
Rehab
Development Cost
11000000
Location
Columbia, Maryland
Development Role
Development Consultant
Unit Mix
15-Efficiency; 35-1 BDRM
Architect
Wiencek + Associates
Contractor
Southway Construction
Developer
Chesapeake Community Advisors, Inc.
Owner
Heritage Housing Partners
Investor
Cinnaire
Lender
Maryland DHCD

Shalom-Clubhouse-Exterior

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What Others Are Saying About Us

“I have worked with the principals of Chesapeake since the inception of Cinnaire in 1993. They have proven to be the most highly skilled and knowledgeable group of professionals we have ever worked with in this industry. Their creative and entrepreneurial approach to real estate development and finance have made them the number one choice for Cinnaire to assist us in complex and difficult real estate transactions. The use of Chesapeake in our Housing Tax Credit Year 15 disposition strategies has produced results for our investors that were beyond their expectations and has been a model we use in all of our disposition strategies. They are real estate experts extraordinaire with the added benefit of being socially minded. They not only care about the investor and owner benefits but also take into account a positive outcome for the residents.”