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

We have worked on numerous types of financing with Chesapeake Community Advisors over the past ten years.  They have ranged from FHA mark-to-market loans to Fannie Mae financing with various levels of renovations on  developments across the country.  What we have found is that there are very few advisors and partners like CCA who have the expertise to guide a deal literally from day one when looking at the feasibility of a deal  through to the construction and lease-up of a property.  We value working with CCA for their knowledge, ingenuity, dedication and hard work to come up with the best possible outcome for their partners and residents.

Tracy Peters, ORIX Real Estate Capital

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