In March 2019, NIIF extended a $1.9 million bridge loan to support infrastructure and tenant improvements in conjunction with the renovation of the Hoen Lithograph Building on Biddle Street in Broadway East. NIIF’s loan is bridging grants from Economic Development Administration, part of the US Department of Commerce and from the Maryland Department of Housing and Community Development.
The project is another key element of the building momentum in the Broadway East. Originally constructed as a printing facility in the late 1800s, the 85,000 square foot building has been vacant for over thirty five years. The development team, led by Cross Street Partners, in conjunction with non-profits Strong City Baltimore and City Life Community Builders, is undertaking a complete renovation of the property aided by New Market’s Tax Credits which has been underway since April 2018. Now nearing completion, the property will house workforce training programs, adult education facilities and other community services.
NIIF’s loan will finance parking and other infrastructure to support the project and tenant improvements that will enable Morgan State University to bring its programs to the site.