Baltimore—A former tin box manufacturing company has been converted into a mixed-use development, featuring 40 affordable homes targeted to teachers and office space for educational nonprofit organizations serving Baltimore City Schools.
Originally built at the turn of the 20th century as the H.F. Miller and Sons manufacturing company, the building had been abandoned for more than a decade. A brownfield reclamation development, the 77,000-square-foot project is expected to bring significant changes to the Charles Village neighborhood of Baltimore.
Seawall Development Co. used New Markets Tax Credits (NMTCs) as one of the key sources of financing for the project.
Miller’s Court underwent a $21.9 million renovation with a $9.4 million NMTC allocation from Enterprise Community Investment, Inc., and a $9.5 million allocation from SunTrust Community Capital, LLC.
Additional financing came from federal and state historic tax credits from the state of Maryland and the city of Baltimore. U.S. Bancorp’s Community Development Corp. was Enterprise’s NMTC and historic tax credit investor. SunTrust Bank funded a $5.8 million leverage loan, and SunTrust Community Capital served as the NMTC and historic tax credit investor to SunTrust Community Development Enterprises.
Teach for America was instrumental in conceiving the project and will lease office space in the new building, which will become a hub for educational nonprofits.