Section 538 loans in Maryland
USDA's public file lists 15 Section 538 guaranteed loans in Maryland, $37,155,676 in all, financing 972 apartments. 14 of them also used housing tax credits. The median loan covered 17% of total development cost.
Lenders on these loans
- LUMENT REAL ESTATE CAPITAL, LLC7
- BELLWETHER ENTERPRISE REAL ESTATE4
- BONNEVILLE MORTGAGE COMPANY, LLC4
Lender names as USDA records them. Open Country is not affiliated with any lender listed.
| Project | Closed | Loan | Loan to cost | Units | 1BR / 2BR / 3BR rent |
|---|---|---|---|---|---|
| Riverwoods At North East North East · New Construction · LIHTC · BELLWETHER ENTERPRISE REAL ESTATE | 2026 | $3,155,000 | 17% | 48 | $500 / $850 / $1,400 |
| Magnolia Gardens La Plata · New Construction · LIHTC · BELLWETHER ENTERPRISE REAL ESTATE | 2023 | $8,444,000 | 29% | 72 | $933 / $1,103 / $1,298 |
| Magnolia Gardens La Plata · New Construction · LIHTC · BELLWETHER ENTERPRISE REAL ESTATE | 2023 | $1,071,000 | 4% | 72 | $1,338 / $1,556 / $1,759 |
| Taneytown Crossing Taneytown · New Construction · LIHTC · LUMENT REAL ESTATE CAPITAL, LLC | 2020 | $2,214,000 | 17% | 36 | $704 / $940 / $1,065 |
| Lex Woods Apartments Lexington Park · Rehab/Repair · BONNEVILLE MORTGAGE COMPANY, LLC | 2020 | $3,175,000 | 15% | 78 | $625 / $750 / $825 |
| Carrolltowne Village Eldersburg · Other · LIHTC · LUMENT REAL ESTATE CAPITAL, LLC | 2019 | $2,750,000 | 18% | 40 | $785 / $920 / $985 |
| New East Crossing/the Willows North East · New Construction · LIHTC · BONNEVILLE MORTGAGE COMPANY, LLC | 2015 | $2,715,676 | 19% | 72 | $487 / $640 / $816 |
| Parklands At Cecilton Cecilton · New Construction · LIHTC · LUMENT REAL ESTATE CAPITAL, LLC | 2014 | $1,780,000 | 14% | 62 | $344 / $399 / $451 |
| Stewart's Neck Apartments Princess Anne · Rehab/Repair · LIHTC · BONNEVILLE MORTGAGE COMPANY, LLC | 2013 | $1,285,000 | 24% | 36 | $674 / $726 / - |
| Concord Apartments Perryville · Rehab/Repair · LIHTC · BONNEVILLE MORTGAGE COMPANY, LLC | 2009 | $1,725,000 | 15% | 118 | $578 / $628 / - |
| Braddock's Greene Apartments Frostburg · New Construction · LIHTC · BELLWETHER ENTERPRISE REAL ESTATE | 2009 | $1,050,000 | 14% | 50 | $410 / $470 / $610 |
| Baywood Village Apartments Chestertown · Rehab/Repair · LIHTC · LUMENT REAL ESTATE CAPITAL, LLC | 2009 | $2,970,000 | 21% | 104 | $684 / $740 / $1,084 |
| Calvert Heights Apartments Chestertown · New Construction · LIHTC · LUMENT REAL ESTATE CAPITAL, LLC | 2009 | $1,864,000 | 20% | 40 | - / $485 / $833 |
| Federalsburg Gardens Federalsburg · Rehab/Repair · LIHTC · LUMENT REAL ESTATE CAPITAL, LLC | 2008 | $1,175,000 | 16% | 64 | $510 / $613 / - |
| Riverview Gardens Denton · Rehab/Repair · LIHTC · LUMENT REAL ESTATE CAPITAL, LLC | 2008 | $1,782,000 | 19% | 80 | $495 / $550 / $662 |