Projects

Milton Avenue

The Milton Avenue project involved the redevelopment of a former Brooks Brothers suit manufacturing plant into office and community space. The building had been vacant for 50 years, but is now a vibrant office center for several non-profit organizations which provide services to the surrounding community, including Movable Feast, Inc., a non-profit that provides meals to homebound people living with HIV/AIDS.

The financing of this building was challenging. Its location in a highly distressed neighborhood meant achievable office rents were extremely low. Using the NMTC structure to leverage numerous sources including historic tax credit equity, state bond funds and foundation grants, sufficient funds were raised to undertake the rehabilitation without the need for hard debt service. This engagement began very early in the development process with the CCA team exploring financing/redevelopment options with the client and its Board of Directors.

The redevelopment of this building has spurred the redevelopment of a number of previously abandoned houses in the immediate vicinity. The project sponsors are HEBCAC and Moveable Feast.

Specifications

Development Type
Office Space
Number of Units
54,411 SF
Development Cost
9000000
Location
Baltimore, Maryland
Project Start
August 2007
Project Complete
August 2008
Development Role
Financing Consultant
Unit Mix
Office Space
Architect
Hord Coplan Macht
Contractor
A.R. Marani, Inc.
Developer
Historic East Baltimore Community Action Coalition, Inc. (HEBCAC)
Owner
901 N. Milton Avenue, LLC
Investor
Citibank

What Others Are Saying About Us

“I have worked with the principals of Chesapeake since the inception of Cinnaire in 1993. They have proven to be the most highly skilled and knowledgeable group of professionals we have ever worked with in this industry. Their creative and entrepreneurial approach to real estate development and finance have made them the number one choice for Cinnaire to assist us in complex and difficult real estate transactions. The use of Chesapeake in our Housing Tax Credit Year 15 disposition strategies has produced results for our investors that were beyond their expectations and has been a model we use in all of our disposition strategies. They are real estate experts extraordinaire with the added benefit of being socially minded. They not only care about the investor and owner benefits but also take into account a positive outcome for the residents.”