Nonprofit, bank team up for Eubie Blake Place

REAL ESTATE NOTES

April 04, 1993|By Edward Gunts | Edward Gunts,Staff Writer

Maryland National Bank has joined forces with Maryland Housing Research Corp. to build West Baltimore's newest affordable housing development, Eubie Blake Place.

Named in honor of the Baltimore-born ragtime composer, the $3.6 million development will include a mixture of new and renovated homes that will range in price from $45,000 to $55,000.

Construction began last month in the 1500 block of W. Lexington St., part of the Franklin Square neighborhood. Residences will also be built in the 1600 and 1700 blocks of W. Lexington St. and the 100 and 200 blocks of N. Gilmor St.

Maryland National agreed to provide $1.9 million for construction financing, with participation from Baltimore's Community Development Financing Corp.

"We are committed to targeted investment in Baltimore's inner-city neighborhoods," said bank Chairman Frank P. Bramble. "By revitalizing neighborhoods like Franklin Square, Maryland National Bank is creating new affordable housing stock while helping to stabilize a community."

"We support the Eubie Blake Place project because it is an example of the empowerment and pride of people which is critical to the success of community development," added Karen Kollias, vice president of the bank's Community Development Lending Group.

The four-story residences will feature three bedrooms, high-efficiency air conditioning and heating systems, wall-to-wall carpeting and fenced back yards. Maryland's Community Development Administration has customized a mortgage that will enable eligible buyers to obtain 100 percent financing with interest rates as low as 5 percent, putting monthly mortgage payments at around $400.

Maryland Housing Research Corp., a nonprofit group headed by Kathleen McDonald, is providing free homeownership classes and counseling to prospective buyers.

Turner Associates of Washington is the architect, and additional funds are coming from the HOPE 3 program of the U.S. Department of Housing and Urban Development and federal Community Development Block Grant funds.

Eubie Blake Place is the third affordable housing project to get under way in Baltimore in the past month. The others are the 62-unit Mulberry Court apartment project at Eutaw and Mulberry streets and the 42-unit Park West community at West Cold Spring Lane and Granada Avenue. The three projects represent an investment in the city of more than $11.7 million and will add a total of 177 residences.

Anchorage Tower

* Signature Management Inc. has been appointed property manager for Anchorage Tower, a 94-unit condominium complex at 2515 Boston St. It is the third Canton-area project for Signature, which also manages Tindeco Wharf and Canton Cove.

* Herbert J. Belgrad, chairman of the Maryland Stadium Authority, will be the featured speaker at the Johns Hopkins University Forum on Real Estate Development Issues, Wednesday at 8 a.m. at Hopkins' Downtown Center, Charles and Saratoga streets. The cost is $20 per person. To register, call 516-7848.

* John Schwab has joined Washington Homes Inc. as executive vice president. He was operations vice president for the mid-Atlantic region of Ryland Homes.

* Andrew Guljas has been promoted to senior associate of Cochran, Stephenson & Donkervoet Inc. and David J. Segmiller has been promoted to associate of the same firm. Mr. Guljas has provided designs for health care and housing clients throughout the region, including the Good Samaritan Hospital and Associated Catholic Charities. Mr. Segmiller is a project architect for the schematic design of the proposed expansion of the Baltimore Convention Center.

* Steven A. Loewy, formerly a partner in the law firm of Ober, Kaler, Grimes and Shriver, has opened an office at the Legg Mason Tower, 111 S. Calvert St. He specializes in the law of real estate, financing, leasing and development.

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