Chesapeake Community Advisors

Hamilton Place

Hamilton Place

CURRENTLY UNDER CONSTRUCTION

Hamilton Place represents the first phase of a two-phase development plan for a new affordable rental housing community in Portsmouth, Virginia. Chesapeake Community Advisors is serving as the development consultant for Portsmouth Redevelopment and Housing Authority and Cornerstone Housing, LLC. Hamilton Place will provide 84 new rental units in seven buildings for families earning less than 60% of the area median income. The development will have a new Project Based Voucher Section 8 contract covering all units.

The development will be Earthcraft compliant and will feature Energy Star rated HVAC systems, windows, appliances and lighting fixtures and low VOC paints and carpet. The site will feature a landscaped retention pond that will also serve the second phase and a central laundry facility.

Project Details

Development Type: New Construction
Number of Units: 84 Units
Type of housing: Apartments
Total Development Cost: $10 Million
Financing: Tax Exempt Bonds, VHDA REACH Loan, Sponsor Loan, equity from 4% Low income, Housing Tax Credits and TCAP funds
Location: Portsmouth, Virginia
Project Start: December 2009
Project Complete: November 2010
Development Role: Development Consultant
Unit Mix: 1, 2 and 3 bedroom units
Architect: Kroskin Design Group, P.C.
Contractor: Marlyn Development Corporation
Developer: Cornerstone Hamilton Place, LLC
Owner: Hamilton Place, LP (sponsor: Portsmouth Redevelopment and Housing Authority)
Investor: Towne Bank
Lender: Virginia Housing Development Authority

33 South Gay Street, Suite 200, Baltimore, Maryland 21202 (p)410-685-6005