The Ruby at Somerset
420 Aisquith Street, Baltimore, MD
Number of Units
72
Year Developed
2023
Development Costs
$30,951,469
Goal
Provide replacement housing units for residents of Perkins Homes, along with a mix of 60% affordable units and market rate units.
Description
The Ruby at Somerset is a new mixed use project consisting of 72, one- and two-bedroom affordable units. The building has 36 replacement units for returning Perkins residents, 16 units that are affordable at 60% AMI, and 20 units that are market rate. The property opened in 2023.
This project delivers a modern apartment building with a host of amenities that include a courtyard, community room, offices, conference room, parking garage, bike storage, and high speed internet. The building is monitored with 24-hour cameras and offers 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 Ruby 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 total project development cost was $35 million dollars and financed through a combination of 4% Federal Low Income Housing Tax Credits with Enterprise as the syndicator, tax exempt bond financing issued by the State of Maryland Community Development Administration, Freddie Mac Tax-Exempt Loan permanent financing through M&T, construction financing from JP Morgan Chase, 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 and Capital One grants.
Developers: Mission First Housing Development Corp. and The Henson Development Co.
Architect: Grimm+Parker
Construction: Harkins Builders Inc,
Property Management: Columbus Property Management
Interested in living at The Ruby at Somerset, click here for more information.