North Calvert Street
Baltimore, Maryland

Client
Monument Realty

Description
18-story mixed-use residential and retail renovation of 1960s era, vacant office building in downtown Baltimore, Maryland. Located in Baltimore’s evolving urban core at the intersections of Lexington and Calvert Streets, 225 North Calvert Street includes 346 apartment units and 9,535 SF of ground floor retail.

Structuring
$67,400,000 Capital Stack — $47.4 million construction loan with Citizens Bank, N.A. and First Niagara Bank, N.A. and $20 million preferred equity provided by PRC’s joint venture partner, EB5 Capital.