"We are thrilled to play a key role in the development of beautiful new loft apartments designed for today's lifestyle," said Betty Jean Murphy, president of Savannah Development Corporation.
"Preserving important historic buildings while meeting emerging demands for urban housing is critical to protecting Baltimore's sense of character and identity.As a black-owned firm, we are glad to have the opportunity to be a part of the development of the downtown housing market."
The total development cost for the conversion is approximately $7.6 million.The City of Baltimore funded the acquisition of the building.Guilford Capital Corporation
and Howard, Weil, Labouisse & Friedrichs, Inc.
are providing equity through the syndication of both federal and state historic tax credits.