4B — August 23 - September 12, 2019 — Owners, Developers & Managers — M id A tlantic

Real Estate Journal


O wners , D evelopers & M anagers

Development of North East Commons, a new 716,490 s/f, class A speculative distribution facility Trammell CrowCo. secures $26million loan for new industrial project along Baltimore’s I-95 Corridor B

to big box tenants has created a favorable environment for new speculative development.” Situated on a 60-acre parcel, North East Commons was designed with best-in-class building features including 40’ clear heights, 8” strategi- cally reinforced concrete slab, and 1 per 7000 s/f dock door ratios. The site design caters to single and multi-tenant us- ers and features significant car and trailer parking, numerous ingress and egress points, mul- tiple queuing lanes for trucks entering the facility. The site is also rail capable, expand- ing the potential user base

significantly. The site is located within a Maryland Enterprise Zone, which offers a myriad of incen- tives for tenants and the com- munity including a 10-year credit against local real prop- erty taxes on a substantial portion of the project improve- ments. For tenants, there are also credits available for every job created in the zone. The site is located 45 miles north of Baltimore and 60 miles south of Philadelphia, in the heart of Baltimore’s I-95 north submarket. The site directly fronts Rte. 272 within 1 mile of Exit 100 of I-95, the major north-south highway on the east coast.  NJHMFA joins ribbon-cutting ceremony for rehabilitated affordable apt. community BRIDGETON, NJ — A ribbon-cutting ceremony marked the completion of Ivy Square Apartments, a major rehabilitation project which overhauled a 156-apartment community affordable to fami- lies. The event was attended by NewJersey Housing and Mortgage Finance Agency (NJHMFA) executive director Charles Richman. Located on a nearly 7.5-acre site, the project, developed by WinnDevelopment , involved an acquisition and two-phase rehabilitation of the former Bridgeton Villas, an existing two-story, walk-up garden- style apartment complex of eight buildings built between 1966 and 1969. NJHMFA provided sig- nificant financing for both phases of the redevelopment. NJHMFA awarded Phase I of the project 4% Low Income Housing Tax Credits (LIHTC), which generated $6.4 million in private equity. NJHMFA also provided $9.6 million in construction and permanent financing as well as $1 million from its Special Needs Hous- ing Trust Fund, which helps create permanent supportive homes in the community for residents with special needs. Phase II was awarded very competitive 9% LIHTC, which generated $11.3 million in private equity, and NJHMFA also provided $3.1 million per- manent financing. 

ALT IMORE , MD — Trammell Crow Company ( TCC ) along with development part- ner, Diamond Realty In- vestments (DRI) has closed on a $26 million construction loan from BMOHarris Bank for the development of North East Commons, a new 716,490 s/f, class A speculative distri- bution facility located along the I-95 corridor north of Baltimore. Construction com- menced Q2 2019 and is sched- uled to complete in Q1 2020. “In recent years, this sub- market has seen significant growth in big box industrial

North East Commons

development, welcoming high- end, well-known tenants,” said Matt Nunn , vice president with TCC’s NE Metro Busi-

ness Unit. “The lowest vacancy in decades, combined with a limited number of large par- cels along I-95 that can cater

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