$3.3MM • Baltimore, MD

Transaction Highlights

  • Total financing of $3.3MM
  • LTV of 12% and CLTV of 76%
  • 25 years fixed
  • Capitalized interest period of 1.5 years
  • Interest-Only Period of 5 years
c-pace

$3.3MM

LTV:

12%

type:

Retrofit

building:

Multifamily

term:

25 Years Fixed

Status:

Closed

Project Description

The borrower purchased a historic building in downtown Baltimore with plans to convert it into a 107-unit market-rate multifamily property, with 3 ground-floor retail spaces and approx. 10 basement offices. The property was previously a 7-story, 120,000 sqft. former department store and an adjoining 3-story townhouse.

This project was a natural fit for C-PACE financing due to all the required upgrades that also increased the buildings energy efficiency. These upgrades include insulation, windows, roof, electrical and HVAC. Bayview PACE provided $3.3MM in C-PACE financing for the project.