Investment introduction paragraphs
Conifer Realty, LLC
St. Mary’s Community Development Corporation
Patuxent Cove consists of 46 affordable units and 14 market-rate units in 6 three-story residential buildings. The buildings are a “townhome-over-flat” concept in which there are fully-accessible single-story units on the first floor and two-story townhome units above them.
The development includes parking, an indoor fitness center, cyber café and business center, a large community room for resident gatherings, a laundry facility and an outdoor play area for children. The Property has 96 on-site parking spaces in surface lots adjacent to each building.
The project also includes a one-story community center. The combined buildings will total 80,548 square feet. The 46 tax credit units are restricted at 30%, 40%, 50%, and 60% of area median income (“AMI”). Eight of the nine 30% units are supported by a project-based Section 8 Housing Assistance Payments contract (the “HAP Contract”).
The project includes six one-bedroom units, 30 two-bedroom units, and 24 three-bedroom units. Each unit configuration includes units at each income level, including market rate units.
Apartments have in-unit electric heat pumps. Each kitchen has a white appliance package, including an electric range/oven, refrigerator with icemaker, garbage disposal, dishwasher and built-in microwave. Kitchens have wood cabinets with laminate countertops and vinyl plank flooring. Bathrooms have vinyl tile flooring, combination tub/showers, and wall mounted medicine cabinets with mirrors. All units have washer/dryer hook-ups, and tenants have the option of renting laundry machines for an additional charge. All units also have a patio or balcony area.
Conifer entered into a Memorandum of Understanding with St. Mary’s CDC, a non-profit agency founded in 1985 to promote public and private investment in St. Mary’s County, Maryland. St. Mary’s CDC coordinates and provides resident services for the property either by directly providing services or linking families to local service providers.
St. Mary’s CDC is also responsible for ensuring a part-time Resident Service Coordinator is in place.