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28 Walker Stacks $3M CPACE Loan for Heavy Wood Timber Building in Baltimore
MD Energy Advisors has sourced a $2.5-million commercial property-assessed clean energy loan for 28 Walker Development Group to reduce their weighted average cost of capital for 40TEN. According to MD Energy Advisors, the project is the first commercial office building in downtown Baltimore City to be constructed of heavy wood timber materials.
The five-story building on Boston Street, located within 28 Walker’s mixed-use Collective at Canton development, will contain 125,000 square feet of Class A office space.
“This represented our first use of a CPACE loan and, following a thorough analysis of the process, we determined the funding mechanism would be a highly-beneficiary component of the 40TEN capital stack,” explained Scott Slosson, COO for 28 Walker Development. “The funds will be applied, for example, to sections of the building envelope that contribute to its energy efficiency.”
The CPACE loan is in addition to a $28 million construction loan sourced by ColumbiaNational Real Estate Finance.
- ◦Development
- ◦Financing
