Union Collective
Union Collective provides office and manufacturing space to small businesses in the Medford neighborhood of Baltimore - an area targeted for redevelopment by the city. The 136,797 square foot former Sears warehouse building was originally constructed in 1954. It will be redeveloped as the home of Union Craft Brewing Company (UCBC) and eight other tenant businesses, seven of which are start-up businesses.
Loan Purpose: Refinancing
Project: Commercial real estate
This project will redevelop a blighted area of the city and supports the city’s goal of revitalizing the Medford neighborhood. The tenant businesses are expected to provide accessible jobs for 270 people, with room for future expansion.
This project aligns with Partners' goal to expand its lending in commercial real estate to projects that promote economic development and job creation.
Borrower: The borrower is a single-asset LLC formed in 2017. The members include UCBC co-founders and Seawall Development (Seawall) employees. Seawall is a well-known developer in the Baltimore area that specializes in neighborhood projects, including workforce housing and office space in distressed neighborhoods.
Loan Details: The loan replaces and refinances a 2017 loan. The original source of repayment fell through due to COVID-19 related difficulties. Refinancing provided the project with more time to stabilize.