KeyBank Real Estate Capital has provided $56.1 million in financing for the construction of Center/West, a large-scale, mixed-income redevelopment project in Southwest Baltimore.
The development’s first phase, PSH 1, a subsidiary of La Cité Development and BRP Development Corp., will consist of a six-story complex with 262 apartments, 19,000 square feet of groundfloor retail, neighborhood services, a dog park, and a plaza in front of the historic Poe House in West Baltimore.
The project has an affordable housing component, with approximately 20% of the units designated for those earning no more than 50% of the area median income.
KeyBank's financing was provided through a Department of Housing and Urban Development/Federal Housing Administration–insured Sec. 221(d)(4) program.
La Cité Development has been working closely with the city to ensure the development serves the needs of the existing community while simultaneously revitalizing the area.
“We are continuously striving to create a bright future for the city of Baltimore, one defined by our citizens and our communities,” said mayor Catherine E. Pugh in a statement. “The development of the Poppleton neighborhood will provide much needed access to quality affordable housing and is an important part of the revitalization of our city.”
This is the first phase of a 33-acre planned unit development project, in association with the University of Maryland BioPark.
“At La Cité, we are motivated by opportunities to improve neighborhoods,” said Dan Bythewood, co-founder and president of the development firm.
KeyBank Real Estate Capital is a leading provider of commercial real estate finance. As a Fannie Mae Delegated Underwriting and Servicing lender, Freddie Mac Program Plus Seller/Servicer, and FHA-approved mortgagee, KeyBank Real Estate Capital offers a variety of agency financing solutions for multifamily properties, including affordable housing.