Baltimore—KeyBank Real Estate Capital recently announced that it has provided a $56.1 million financing for the construction of the first phase of CenterWest, a mixed-use development in Southwest Baltimore, on the corner of Schroeder and Fayette streets.
A subsidiary of La Cité Development LLC and BRP Development Corp. will be in charge of the project’s first phase. The six-story development will bring 262 units to the market, 20 percent of which will be reserved for those earning 50 percent or below of the area’s median income. CenterWest will feature 19,000 square feet of ground-floor retail, subterranean parking, neighborhood services, a dog park and a plaza.
According to the developer, the construction is expected to take between 20 and 24 months. The total cost of the project is estimated at around $80 million.
The owner worked closely with the City of Baltimore to ensure that the new project, which is part of a 33-acre planned unit development project in association with the University of Maryland BioPark, serves the needs of the existing community. KeyBank executed the fastest firm commitment to finance a new construction in the history of the U.S. Department of Housing and Urban Development.
“Our integrated platform allows us to fill funding gaps in record setting time, which provides neighborhoods greater access to affordable housing and spurs local economic activity,” said John Gilmore, vice president of KeyBank Real Estate Capital, in a prepared 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,” added Mayor Catherine Pugh.
Image courtesy of KeyBank Real Estate Capital