This Week's Baltimore Deal Sheet
Baltimore awarded building rights for the 4600 and 4800 blocks of Park Heights Avenue to Henson Development Co.'s Dan Henson and NHP Foundation's Mansur Abdul-Malik, who plan to deliver a $50M project including townhomes, apartments and retail, the Baltimore Business Journal reports.
The proposed development is adjacent to NHP Foundation's senior apartment development at 4710 Park Heights Ave., which broke ground in December. The senior living project is the first part of a planned public-private partnership to pump investment into the Park Heights area.
The new developments stand to benefit from state plans to redevelop the nearby Pimlico Race Course. Maryland lawmakers are considering a bill providing $400M in public financing for overhauling the track and a training facility for the state's thoroughbred industry.
The historic track hosts the Preakness Stakes, the second jewel in horse racing's Triple Crown, each May and is the single largest sporting event in Maryland annually. However, disinvestment has plagued the track and the surrounding neighborhood.
LEASES
BioFactura Inc. has leased 12K SF from owner St. John Properties at 8345 Progress Way in the Riverside Tech Park in Frederick. The biotechnology firm has occupied 5,520 SF at the building since 2015. This new deal expands the company's lease to nearly 18K SF.
DEVELOPMENT
The Appellate Court of Maryland issued a ruling allowing a proposed housing project in East Towson to move forward, The Baltimore Sun reports. The court published a 20-page opinion late last week that permits developer Red Maple Place to build a four-story building with 50 affordable residential units.
The overhaul of Baltimore's historic Penn Station train terminal reached a milestone when contractors started removing the scaffolding surrounding the building at 1500 N. Charles St., Baltimore Fishbowl reports. The redevelopment of the property is part of a $150M project to improve service and rider experience at the building, which dates to 1911 and was last updated 40 years ago.
FINANCING
JLL Capital Markets arranged the $22M refinancing of the 282K SF Arundel Plaza shopping center in Glen Burnie. JLL represented the borrower, United Hampshire U.S. REIT, in securing the five-year, fixed-rate loan. The 47-year-old retail property includes six buildings and underwent renovations in 2017. The plaza is 100% occupied and anchored by Lowe’s and Giant Food.
PERSONNEL
Nonprofit affordable housing developer Enterprise Community Development Inc., an affiliate of Enterprise Community Partners, has hired Janine Lind as its new president. Most recently, she served as MidPen Housing Corp.’s chief operating officer. Lind starts her new position at Enterprise on April 29.
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MacKenzie Ventures LLC, the parent company of The MacKenzie Cos., has named Jill Harman as president of MacKenzie Management Co. Harman began her career with the company as a property manager in 2015 and most recently worked as an executive vice president.
