KeyBank Provides $56.1M HUD Loan for Multifamily Redevelopment Project in Baltimore

BALTIMORE — KeyBank Real Estate Capital has provided a $56.1 million HUD 221(d)(4) loan for the construction of Center/West, a 33-acre multifamily redevelopment project in southwest Baltimore. The 221(d)(4) product is HUD’s flagship program for financing the construction and redevelopment of market-rate and affordable housing communities. Phase I of Center/West, known as PSH 1 LLC, will be developed by La Cite Development LLC and BRP Development Corp. Situated in front of the historic Poe House, Phase I will comprise a six-story, 262-unit apartment complex with 19,000 square feet of ground-floor retail space, neighborhood services and a dog park. Roughly 20 percent of Center/West’s units will be designated for households earning at or below 50 percent of the area median income. La Cite Development worked closely with the City of Baltimore and the University of Maryland BioPark for the redevelopment project. KeyBank’s execution of the 221(d)(4) loan was the fastest firm commitment for new construction financing in the history of HUD, according to KeyBank.