The construction of Woodyard Station Apartments and Woodyard Station Senior Apartments, in Clinton, Maryland, brings 46 new affordable rental homes for low-income families and 112 affordable rental homes for low-income seniors to the community. These two adjacent properties were developed by a joint venture between Pax-Edwards and Osprey Property Companies, two Maryland-based, experienced affordable housing developers and longstanding partners of Boston Financial.
In November 2020, American Community Capital stepped in to provide two unsecured $500,000 Predevelopment Loans to fill gaps in financing and enable the developers to cover critical predevelopment expenses – including architectural design fees, environmental surveys and inspection, appraisals, market studies, and legal fees – prior to the construction loan closings.
Construction began in the fall of 2021 and completed in July of 2023. The community offers amenities like a computer center, library, fitness center, and shared community space. Robust resident services include food and clothing assistance, and a crisis intervention programs.
Scott Link, Vice President of Development for Pax-Edwards, reflects, “Partnering with Boston Financial / American Community Capital at Woodyard Station proved vital to the project’s success. Execution of the predevelopment loans they provided was fast, hassle free and enabled us to maintain momentum over a lengthy entitlement process.”