FREDERICK, Md., July 26, 2021 /PRNewswire/ — EquityPlus announces the opening of Ox Fibre Apartments, an 83-device workforce housing rental complex that is an adaptive re-use of an deserted paint-brush factory in Frederick, Maryland.
Lt Governor Boyd Rutherford, County Govt Jan Gardner, Mayor Michael O’Connor, and Secretary (Maryland DHCD) Kenneth Holt have been all current at the ribbon slicing that was held on July 22,2021.
Ox Fibre of Frederick will present cost-effective rental housing for the functioning-class inhabitants of the Town of Frederick and Frederick County. The building is 80,000 square ft, furnishing for a total of 83 units to be created, all with a cozy amount of money of sq. footage. Hire is priced at 20% underneath sector which effectively provides an economical housing solution to those in the suitable profits array, encouraging address the need to have for economical housing within just the booming town of Frederick. Models are obtainable to persons and people earning 40%-60% of the current Place Median Income (AMI).
The 83 models consist of 1-, 2-, and 3- bedroom loft apartments ranging from 500-1,500 sq. toes. All condominium units are freshly built and quartz counter tops, stainless steel appliances, in-dwelling washers and dryers, new windows, and added amenities. There are 6 1-bed room floorplans, 3 2-bedroom floorplans, and two 3-bedroom floorplans from which to decide on.
The project’s advancement team is led by EquityPlus LLC, an skilled cost-effective housing developer with places of work in Mississippi and Virginia. To fund the challenge, EquityPlus utilized a mix of LIHTC and HTC fairness along with mortgage loan funding. The firm also lifted option zone equity from private traders (Wide Creek Cash) and gained subordinate, underneath-market funding from the two the Point out of Maryland and Frederick County to aid full the project’s ~$25 million funds stack.
The job is one of the very first in the country to merge the LIHTC system with the Possibility Zone application making use of distinct fairness traders for every single supply of equity.
The job has a 1,300 individual interest listing for pre-leasing.
To come across out extra information and facts, make sure you pay a visit to Ox Fibre Apartment’s website situated right here: https://www.oxfibreapartments.com/.
Media get hold of:
Avram Fechter
202-236-4402
[email protected]
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