Monge Capital: NMTC Project

On December 23, 2021, Convergent Law (formerly NP Law) with Monge Capital helped MCB Real Estate close on a $23,500,000 New Markets Tax Credit financing that represented the next phase of its Yard 56 Project in Baltimore, Maryland. 

The proceeds from the NTMC financing, along with a direct loan of $3,150,000 from the investor, M&T Bank, will help finance the development of an approximately 71,000 sf medical office building.  Baltimore Medical Systems will serve as an anchor tenant to the site, which is located within the same mixed-use development that includes Streets Market, LA Fitness, Starbucks and other best-in-class tenants that will serve the East Baltimore community.  We are proud to have been part of the team that continues to bring excellent projects to Maryland!

MCB Development has closed on the second tranche of financing for its marquis Yard 56 Project in East Baltimore, Maryland.  Yard 56 is a multi-phased development that will consist of place-making retail developments that include Streets Market, LA Fitness and Starbucks, and will also include office space, a hotel and additional uses.  MCB has already completed the first phase of the development that includes the retail portion which is up and running.  This second phase is the medical and office building.  The site is conveniently located across from a Johns Hopkins facility and serves as an excellent location for this multi-platform services.  The new medical and office building boasts Baltimore Medical Services as an anchor tenant and includes space for additional office users.  

Convergent Law (formerly NP Law) working with Monge Capital to help MCB structure and close on a $23,000,000 New Markets Tax Credit financing (NMTC) that utilized tax credit allocations from two CDEs (Rose Urban and Harbor).  M&T Bank served as both the Investor and the direct lender to the transaction.  Our firm worked with the various counsel to ensure a coordinated closing that will help generate many new jobs for this area.