The 901 North Milton Avenue Project is the historic rehabilitation of a former clothing manufacturing plant located in East Baltimore. This project is serving as an “anchor property” for the Madison East End Neighborhood, which has experienced disinvestment and neglect.
The building was renovated into 54,411 SF of Class B commercial space including a commercial kitchen for Moveable Feast, the largest provider of meals for homebound residents in Baltimore.
Since the building is located in a transitional neighborhood and the building’s tenants are primarily non-profits, the use of Historic and New Markets Tax Credits was critical to the success of this building, as they allow below market rents to be charged. CCA provided real estate finance consulting services including deal structuring, negotiation with tax credit investors, lenders and government agencies.
The financing structure designed by CCA for this building has been replicated in other projects using both NMTC and HTC.