As a developer of rental housing, market rate as well as affordable, and for-sale â€œactive adult” communities in the Mid-Atlantic region, Orchard Development Corporation has partnered with nonprofit organizations, local government, for-profit builders, and joint venture partners. Some of the partnerships include the following:
Chesapeake Realty Partners
Joint Venture to develop, own and manage Orchard Meadows at North Ridge, a 240 unit, Green Certified luxury apartment community in Ellicott City, MD. Backed by CRP private investment fund for pre-development costs, financial sourcing, and construction oversight.
Howard Hughes Corporation and Kettler Inc.
Joint venture to develop the Metropolitan, a $100 million mixed-use mid-rise in Columbia, MD. This is the first major project in the new redevelopment of Columbiaâ€™s Town Center, making one of Americaâ€™s best known, master-planned communities even better!
Enterprise Social Investment Corporation (ESIC)
Enterprise Social Investment Corporation, the affordable housing finance arm of the Enterprise Corporation, has entered into three partnerships with Orchard Development. In the family apartment communities of Orchard Club and Orchard Crossing, ESIC is the tax credit equity partner. Managed by Armiger Management Corporation, these mixed-income communities in Howard County, Maryland total 419 units. ESIC is also the tax credit partner for the 120-unit, affordable senior residence Selborne House of Dorsey Hall, developed by Orchard Development and managed by Armiger Management.
Howard County Housing Commission (HCHC)
Orchard Development Corporationâ€™s affiliate is co-general partner with HCHC in the Selborne House of Dorsey Hall senior apartment community in Ellicott City, Maryland. HCHC owns the land and has provided approximately one-third of the costs in â€œsoft second” financing so that rents are restricted to levels that can be afforded by those with 30% to 50% of the areaâ€™s median income. In addition, Orchard Development partnered with the Howard County Housing Commission to build 80 affordable apartments in the Patuxent Square Project.
Orchard Development joint ventured with one of the Baltimore areaâ€™s largest and most respected builders, to offer the Hickory Crest Senior Community in Columbia, Maryland. This was the first â€œactive adult” community in Howard County.
Other Tax Credit Projects
Orchard Development affiliates have partnered with other limited partner investors, including Apollo Housing Capital, Boston Capital, Wachovia Bank and Fulton Bank.
Finance partners of Orchard Development Corporation have included successful transactions with Howard Bank; Columbia National Real Estate Finance, LLC; AGM Financial Service, Inc; and Bank of America.