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JLL Secures $189M Construction Loan for Baltimore MXU Project
JLL has secured a $189 million construction loan for the development of the first phase of Port Covington, an 18 million-square-foot mixed-use project in Baltimore’s waterfront.
The first phase of the project will include 465 residential units, 107,000 square feet of retail space, 440,000 square feet of office space and 81 extended-stay units. Port Covington is being constructed on 235 acres along the Baltimore waterfront.
Steve Collins of JLL worked on behalf of the sponsors, Sagamore Ventures and Goldman Sachs Urban Investment Group, and their development partner, Weller Development Co., to place the four-year construction loan with Bank OZK. Buildings in this phase, referred to as Chapter 1B, will begin delivering in late 2022. Upon delivery of Chapter 1B, 20 percent of the residential units in Port Covington will be affordable dwelling units.
- ◦Development
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