Marlton Plaza will be developed under the Low Income Housing TaxCredit program. The Maryland Department of Housing and CommunityDevelopment has approved the tax credits for the development, at arate of 89 cents on the dollar, Sebastian Fainbraun, principal ofPSR, tells GlobeSt.com. That rate was negotiated two years ago, hesays, which is fortunate as the value of low income housing taxcredits have dropped since then, making it more difficult fordevelopers to put together such deals. Wachovia Multifamily Capitalis providing the financing.

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Each two-bedroom, one-bath unit will be roughly 900 sf,according to Fainbraun, with approximately 10 to be made availableat market-rate and the remaining as affordable housing. Seven ofthe 102 units will be set aside as handicapped units. The project,which is expected to deliver next summer, will be located next to ashopping mall that PSR also owns--which should benefit theresidents of the home who do not want to drive, he adds.

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Transferring the land parcel, which PSR owned, into the JV waspart of the transaction. The 2.5-acre plot was valued at $2million. Coldwell Banker Commercial Ideal Realty Group brokered theJV. Scott Casselman was the team leader for the transaction.

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