Park Montgomery
Update
10/04/23
Enterprise Community Development Closes on Financing for Park Montgomery Project
Enterprise Community Development, Inc. has closed on the financing for the development of 76 new affordable apartments, Park Montgomery West, and the renovation of the 141-unit Park Montgomery Apartments, an existing apartment community located at 8860 Piney Branch Road in Silver Spring, Maryland.
The total development cost for the project totals approximately $74 million. Funding for the project includes a senior mortgage arranged by Bellwether Enterprise, a LIHTC equity provided through Enterprise’s housing credit investment business, and significant funding from both the State of Maryland Community Development Administration and Montgomery County Department of Housing and Community Affairs. Enterprise Community Development will also be using 28 housing assistance payment vouchers through the Montgomery County Housing Opportunity Commission for both Park Montgomery and Park Montgomery West.
Originally built in 1971, Park Montgomery is a 15-story, high-rise apartment building with an adjacent two-level parking garage. Consistent with efforts by Montgomery County and the Purple Line Corridor Coalition to create more affordable housing opportunities along Metro lines, Enterprise Community Development will demolish and replace the existing parking garage with a new five-level building to accommodate the addition of 76 new apartments. All 217 Park Montgomery apartments will serve households earning 60 percent or less of the area median income.
