In July 2020, NIIF closed a $1.8 million loan to support the acquisition of Holly Lane Apartments, a 170 unit affordable apartment complex located on Crenshaw Avenue in the Frankford neighborhood in Northeast Baltimore. NIIF’s loan is leveraging an additional $9.9 million in financing from Key Bank and approximately $3.0 million from Baltimore City.
The property includes 140 units that are income restricted and was originally constructed in 2007. It was acquired by Tristar Group which owns and manages sixteen properties in Baltimore City, including two other affordable multi-family properties. This acquisition is part of a multi-step process designed to preserve long term affordability and finance improvements to the units through a Low Income Housing Tax Credit refinancing.
“Tristar is committed to preserving and operating quality, community-focused affordable housing,” said Steve Briggs, Managing Partner. “Holly Lane is our third multi-family investment in the Baltimore, and we pleased to be working with NIIF, the City and our other partners to provide a long-term affordable housing solution for our residents.”