M id A tlantic Real Estate Journal — February 28 - March 12, 2020 — 5A
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M id A tlantic R eal E state J ournal AGM Financial Services, Inc. is providing the first mortgage Enterprise Community Development to develop new mixed-income apartments
rincess Anne, MD — Enterprise Com- mun i t y Deve l op - ment, Inc. announced the financial closing for Reserve at Somerset Commons (Phase II), a new, mixed-income fam- ily apartment community in Princess Anne and the second phase of the adjacent 75-unit family apartment community, Reserve at Somerset Commons (Phase I), completed in 2016. This second phase, which will have a total construction cost of $14 million, will be completed this fall. Reserve at Somerset Com- mons II will provide a mix of 54 one-, two-, three-, and four-bedroom units. Of the 54 apartments, 48 will be available to families earning between 30% and 60% of Area Median Income (AMI) and six will be market-rate. The new apartments will be built on a site that enjoys easy access to the Princess Anne Transfer Point—a regional transporta- tion hub, and is adjacent to healthcare, retail and restau- rants, service providers, and major employers including the University of Maryland East- ern Shore. Reserve at Somerset Com- mons II will complement the existing community by complet- ing the circular drive and add- ing 108 parking spaces, along with the two new buildings. The community will be designed to promote energy efficiency and healthy living. The apart- ment units will include in-unit washer and dryers, Energy- star appliances, high-efficiency HVAC systems, and Energy Star windows. Residents of Reserve at Somerset Commons II will share existing amenities with Phase I, which include a clubhouse, fitness center, great room, and outdoor recreational and open space including a tot lot, multi-activity area, and walking paths. AGM Financial Services, Inc. is providing the first mort- gage. Additional financing is be- ing provided by the MD Dept. of Housing and Community Development, Enterprise Community Investment, Inc., Enterprise Community Loan Fund, and the Federal Home Loan Bank of Atlanta. Moseley Architects are the architects, and the general con- tractor is Harkins Builders, Inc. Property management will be provided by R Home Prop- erty Management, LLC. P
Reserve at Somerset Commons
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