PIKESVILLE, MD. — MD Power Advisors has offered a $3 million industrial property-assessed clear vitality (CPACE) mortgage to Garver Growth Group to fund renovations to the previous Port Metropolis Press printing facility in Baltimore County. The 177,000-square-foot property is situated at 1323 Greenwood Highway in Pikesville. Garver Growth acquired the power in 2020. The previous proprietor, a Pennsylvania-based entity doing enterprise as 1323 Greenwood LLC, closed the plant in early 2018 and the location has remained vacant.
CPACE is a financing construction wherein constructing homeowners borrow cash for vitality effectivity, renewable vitality, or different initiatives and make repayments through an evaluation on their property tax invoice, in keeping with the U.S. Division of Power. CPACE loans are non-recourse debt merchandise on a 20- to 25-year time period and amortization schedule and have a set rate of interest routinely beneath 6 p.c.
Garver Growth plans to transform roughly two-thirds of the constructing right into a use that can help self-storage beneath the Self Storage Plus model, in addition to storage choices for vehicles and small leisure autos. The stability of the house, representing roughly 32,000 sq. ft, shall be reworked into an space that can be utilized for varied mild industrial and warehouse functions. The agency can also be planning to assemble roughly 15,000 sq. ft of drive-up storage items on a big current parking zone.
Headquartered in Baltimore, MD Power Advisors is an vitality administration, advertising and marketing and effectivity agency. Steven Cornblatt, Jared Engel, Coleman Tirone and Peter Coe of Trout Daniel & Associates are overseeing the leasing and advertising and marketing for the undertaking.