Reinvestment Fund financing is supporting the acquisition and restoration of the historic 1870 Waverly Hall in the colorful and vibrant Abell neighborhood of Baltimore.
Edgemont Development, a past Reinvestment Fund borrower, is repurposing the property— consisting of three separate but adjacent buildings—as a mixed-use development featuring ground floor commercial use with naturally occurring affordable housing units above.
Edgemont Development acquired the property from the Central Baltimore Future Fund, which purchased the buildings in 2018 to advance its goal of acquiring derelict and historically significant properties and offering them to qualified developers for redevelopment.
Currently unoccupied and in below-average physical condition but structurally sound, the property was constructed in 1873 as community meeting space in Abell, one of the eleven targeted Central Baltimore Partnership (CBP) neighborhoods.
The property will provide 7 market affordable housing units without rent restrictions or subsidy by virtue of location, condition, and property amenities to address the hardship faced by many rent-burdened households. In addition, 5 new retails spaces will be available on the ground floor.
Since the start of construction in Spring of 2021, the response from the neighborhood has been largely supportive.
This project supports the efforts of Reinvestment Fund to work alongside CBP and its affiliate, the Central Baltimore Future Fund, to identify nuisance properties or opportunistic acquisitions. The loan also supports blight elimination and enables Edgemont Development to continue building capacity on the development side of business.
In addition, a percentage of the loan was funded through the Baltimore Energy Initiative (BEI) Loan Program. BEI is a partnership with Baltimore City’s Office of Sustainability and provides low-interest, fixed-rate capital for energy efficient building systems and improvements.