FREDERICK, MD – EquityPlus announces the opening of Ox Fiber Apartments, an 83-unit residential complex that is an adaptive reuse of an abandoned brush factory in Frederick, Maryland.
Lt Governor Boyd Rutherford, County Executive Jan Gardner, Mayor Michael O & # 39; Connor, and Secretary (Maryland DHCD) Kenneth Holt were all in attendance at the cutting of the ribbon on July 22, 2021.
Ox Fiber of Frederick will provide affordable rental housing for the working class of the City of Frederick and Frederick Counties. The building is 80,000 square feet and offers a total of 83 units, all of which are built with a comfortable number of square feet. Rent is 20% below market price, which effectively provides affordable housing for people of the appropriate income bracket and helps meet the need for affordable housing in the booming city of Frederick. Units are available to individuals and families earning 40-60% of the current Area Median Income (AMI).
The 83 units consist of 1-, 2- and 3-room loft apartments with a size of 500 to 1,500 square meters. All units are newly built with quartz countertops, stainless steel appliances, in-house washers and dryers, new windows and additional amenities. There are six 1-room floor plans, three 2-room floor plans and two 3-room floor plans to choose from.
The project development team is led by EquityPlus LLC, an experienced developer of affordable housing with offices in Mississippi and Virginia. EquityPlus used a combination of LIHTC and HTC equity as well as mortgage financing to finance the project. The company also raised Opportunity Zone equity from private investors (Broad Creek Capital) and received subordinated, below-market funding from both Maryland and Frederick County to raise approximately $ 25 million of the project's capital stock to finish.
The project is one of the first in the country to combine the LIHTC program with the Opportunity Zone program, using different equity investors for each source of equity.
The project has a 1,300-person interest list for pre-letting.
Source: EquityPlus
