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Black-owned Harbor Bank of Maryland will provide financing alongside syndicate leader Truist for a $200-million renovation of the Baltimore Arena in Baltimore, MD.

Black-Owned Bank to Co-Finance $200M Redesign of Baltimore Arena

The National Black Bank Foundation has revealed that a Baltimore, MD-based Black-owned bank is participating in the multi-million dollar syndicated loan to reimagine the Baltimore Arena into a world-class sports and entertainment venue.

Harbor Bank of Maryland will provide financing alongside syndicate leader Truist Bank to Oak View Group for its renovation of the arena. OVG will fund the arena’s total reconstruction cost in exchange for a long-term lease of the facility.

“It would have been unthinkable only five years ago that a Black-owned bank would be participating in a major deal to redesign an 11,000-seat stadium in whose shadow it sits,” said NBBF co-founder Brandon Comer.

The refreshed arena will allow Baltimore to compete for more events, driving significant economic activity for the local economy. The project is anticipated to create 500 construction jobs. OVG intends to award 27% and 10% of construction subcontracts to Minority Business Enterprises and Women’s Business Enterprises respectively.


Inside The Story

National Black Bank Foundation's Comer

About Lisa McDuffie

Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group. When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.

  • ◦Financing