Loan at a Glance:
PCG’s work with Reinvestment Fund (lead lender) and NeighborGood Partners provides a $1,750,000 pari passu participation in a $5,355,372 bridge loan. This bridge loan provides financing to bridge state and federal historic tax credits related to the historic rehabilitation and commercial reuse of a long-vacant and deteriorating former seafood packing house. Cambridge is the largest majority-Black city on Maryland’s Eastern Shore. CG’s participation in the bridge loan allows the project to proceed as planned.
Project Summary:
The redevelopment offers the following for a majority-Black, low-income neighborhood without access to healthy foods: a fresh food market, a business incubator, office space (a portion of which is pre-leased to mission-oriented tenants), and event space.
Borrower Summary:
The borrower, 411 Dorchester Leverage Lender, was formed and is managed by Cross Street Partners (CSP), a highly regarded developer with deep knowledge of sustainable urban redevelopment. CSP is completing the redevelopment in partnership with Eastern Shore Land Conservancy.