$3.3MM • Baltimore, MD
- 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
25 Years Fixed
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.