SILVER SPRING, MD – Green Street Housing and TM Associates Development, two of Maryland’s largest affordable rental housing developers, hosted a groundbreaking ceremony for Sligo Apartments in Silver Spring, Maryland.
Sligo Apartments is a new construction residential development, that is 100% affordable with restricted rents. Sligo Apartments will provide a modern, high quality apartment community dedicated to providing quality affordable housing to qualifying tenants in need, as well as market rates units and commercial rental space.
The property is financed through a Low-Income Housing Tax Credit (LIHTC) investment from Hudson Housing Capital and Capital One – who is also providing the permanent debt financing, as well as loans from the Maryland Department of Housing and Community Development.
Ed Delany, Community Finance Senior Capital Officer for the Mid Atlantic at Capital One said “At Capital One, we know that financing the creation and preservation of affordable housing is essential to mitigating the ongoing crisis across the nation, and especially in Montgomery County. We were pleased to once again leverage the LIHTC program, as well as provide construction debt and a Freddie Mac permanent loan, to bring the new Sligo Apartments development to life.”
The co-developers, Green Street Housing and TM Associates Development, have developed many similar projects across Maryland and are proud of Sligo’s promise to provide affordable housing to its residents and serve as a long-term community asset to Silver Spring and the surrounding area.
“Sligo Apartments is a fantastic project and we are excited to bring another high-quality affordable rental community to Maryland,” said Dave Layfield, Principal of Green Street Housing.

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PHOENIX, AZ – Toll Brothers, the nation s leading builder of luxury homes, through its Toll Brothers Apartment Living rental division, and Willton Investment Management have announced a new joint venture to develop Lumara, a four-tale, 456-unit multifamily rental community in Phoenix, Ariz. The project is being financed through an $86 million construction loan facility from Santander Bank N.A. as agent and Alerus. The equity and debt were arranged by Toll Brothers in-house Finance Department.
The community will consist of 456 rental apartments and more than 700 parking spaces, including some with EV (electric vehicle) charging stations. The apartment units will feature high-end luxury finishes and a best-in-class amenity package, including a heated resort-style pool, rooftop terrace, outdoor fitness lawn, putting course and virtual sport simulator, sculpture garden and private walking trail, and business conference room.
Lumara is located in the heart of the Deer Valley submarket in North Phoenix, just a 10-minute drive from Taiwan Semiconductor Manufacturing Company s future microchip manufacturing plant.
John McCullough, President of Toll Brothers Apartment Living, said, With strong growth in the area, including a burgeoning tech manufacturing presence nearby, Lumara will be a welcome addition to this North Phoenix location that is poised for further expansion. The high-end finishes and luxury amenities we have plotted for Lumara will truly set this community apart in the market.
Fred Cooper, Senior Vice President, Finance and Investor Relations for Toll Brothers, said, We are excited to be partnering on our first transaction with Willton, whom we have known and admired for many years. We are also pleased to close another construction loan with Santander, whose relationship with us stretches across many projects and many U.S. markets, and to welcome Alerus to our lender family.
Chris Luo, Chief Executive Officer of Willton Investment Management, said We are very excited to start this new partnership with Toll Brothers and grow our investment footprint in Phoenix. Lumara will benefit from best-in-class sponsorship, market-leading design and quality, and convenient access to employment. We are grateful to the entire Toll Brothers team for their diligence, professionalism, and commitment to excellence throughout the development process.
Including Lumara, Toll Brothers Apartment Living has six multifamily community developments completed or under construction in Arizona totaling over 2,150 units.

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MONROEVILLE, PA – CPP (Community Preservation Partners), a mission-driven affordable housing preservation developer has announced the plotted renovation of Cambridge Square Apartments, an affordable housing community just 14 miles east of downtown Pittsburgh. The development consists of eight, two-tale residential buildings comprising 204 apartments ranging from one- to three-bedroom layouts. This property is CPP s second investment in Pennsylvania, having bought Allegheny Commons in downtown Pittsburgh earlier this year.
The community will receive extensive renovations, estimated at $18,827,049 (or $92,289 per unit). CPP s total investment is approximately $47.2 million, which includes a buy price of $16,600,000.
Built in 1974, and located at 120 Cambridge Square Drive, the development will gain a new community building and see reconstruction of one building consisting of 28 units lost to a fire earlier in the year. The new community building will include space for resident meetings and gatherings, maintenance storage space, and leasing offices. In addition to new construction and new amenities, the property will receive extensive improvements to address deferred maintenance, including updates to accessibility throughout the property, mechanical system replacements, building envelope upgrades, and energy efficiency enhancements that meet National Green Building Standards. Existing amenities include central laundry rooms throughout the residential buildings, a playground, and 329 surface parking spots.
All units will receive interior upgrades with installation of new kitchen countertops, appliances and flooring, as well as bathroom updates including new vanities, fixtures, tub reglazing and new shower surrounds, as needed. New windows and roofs will be installed throughout the property.
With the development of Cambridge Square Apartments, CPP is expanding its footprint in Pennsylvania and doing our part in the revitalization of the greater Pittsburgh area, said Seth Gellis, President of CPP. In addition to a new community building, this project will also be rebuilding all units lost in a recent fire. We are excited to bring new construction and new amenities to the residents.
This project builds on the work that we are already doing downtown at Allegheny Commons and helps to support the community by preserving much needed affordable housing, said Thomas Gibson, Director of Special Projects for CPP. We are thrilled to be moving forward after over two years of plotting during a very challenging economic environment.
The project received an allocation of low-income housing tax credits in 2007, when it last received renovations. There are 198 units under the Housing Help Payment contract (all units 50% of area median income) and six units that will be reserved for families at 60% or below of area median income. All 204 units will be affordable.
Renovations are expected to be completed in December 2024, with minimal impact to residents. The property will partner with American Healthcare Group in providing supportive services.
Partners on the project include the Pennsylvania Housing Finance Agency (PHFA), who is the bond issuer and awarded 4% low-income housing tax credits; and Key Bank who provided debt financing through the Freddie Mac TEL program.

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