The Packing House
This former seafood packing house will be redeveloped to provide space for a fresh food market, a business incubator, office space (a portion of which is pre-leased to mission-oriented tenants), and event space. The project will bring access to healthy foods to a majority-Black, low-income neighborhood in Cambridge, Maryland.
Loan Purpose: Bridge loan
Project: Commercial real estate
This project undertakes the historic rehabilitation and commercial reuse of a long-vacant and deteriorating former seafood packing house located in he largest majority-Black city on Maryland’s Eastern Shore.
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.
Loan Details: Partners' work with the 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. Partners' participation in the bridge loan allows the project to proceed as planned.