Number of Units

192

Year Developed

2023

Development Costs

$64,319,703

Goal

New construction, mixed income, family building that is a part of the master plan for Perkins Somerset Oldtown Transformation

Description

The Ella at Somerset, opening in 2023, is a mixed used new construction project consisting of two separate buildings that will deliver 192 apartments on a portion of the site of the former Somerset Homes public housing project. Of the 192 apartments, there will be 100 Choice Neighborhood Replacement Units, 60 LIHTC-only units, and 32 unrestricted market rate units.

The Ella is a modern apartment building with a host of amenities that will include a courtyard, community room, offices, conference room, parking garage, bike storage, and high speed internet. The building will be monitored with 24-hour cameras and secure access to individual units directly from the parking garage. The building incorporates several energy efficient components such as Energy Star HVAC systems, Energy Star windows, and energy efficient lighting. The building is Energy Star and NGBS Silver Certified.

The Ella is part of the is a part of the Perkins Somerset Old Town Transformation Plan (PSO). Click here for more about Mission First’s work on PSO.

Financing
The development cost for the Ella at Somerset project totaled approximately $70 million dollars and financed through a combination of bifurcated funding of each element of the project through Low Income Housing Tax Credits, 4% transaction funded with LIHTC equity from Fulton Bank, 9% transaction funded with LIHTC equity from Berkadia Affordable Tax Credit Solutions, Freddie Mac Tax-Exempt permanent Loan financed through JP Morgan Chase and Berkadia, a construction loan from Fulton Bank, a HUD Choice Neighborhoods grant, a HOME loan from the City of Baltimore, and Rental Housing Works and Partnership Rental Housing Program funding from the State of Maryland, as well as Capital Magnet Funding.

Developers: Mission First Housing Development Corp. and The Henson Development Co.
Architect: Moseley Architects
Construction: Bozzuto Construction Company
Property Management: Columbus Property Management

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Interested in living at The Ella at Somerset, click here for more information.