SunTrust Community Capital (STCC), a subsidiary of SunTrust Banks, Inc., and Harbor Bankshares Corporation, the parent company of The Harbor Bank of Maryland, announced today that they have provided $19.8 million of debt and equity to capitalize the Village Center at Stadium Place development in Baltimore. STCC provided $4.8 million of equity and $4 million in its own New Markets Tax Credit (NMTC) allocation. Harbor Bankshares contributed $11 million of its NMTC allocation. The project will be co-developed by GEDCO (Govans Ecumenical Development Corporation), a 501(c)(3) multi-service, community-based nonprofit organization, and Commercial Development & Investments, LLC (CDI).
The Village Center at Stadium Place will meld with the existing 62+ Stadium Place Adult Community Campus Master Plan and house critical retail and commercial services needed along the eastern part of the 33rd Street Corridor, in addition to providing 70 discounted market-rate senior housing units. The inclusion of 30,000 square feet of medical office and retail space will not only provide employment opportunities for community residents post-construction, but also serve an area long starved of neighborhood commercial offerings.
“Village Center at Stadium Place will be a modern residential facility for the community’s senior citizens, while providing access to retail and food where none currently exists. This project will be transformative for the neighborhood, providing more than 100 permanent jobs, as well as new businesses,” said Jamise Goodman, senior vice president and NMTC relationship manager at STCC.
“GEDCO and Stadium Place are very excited to be partnering with Commercial Development on the implementation of this phase of the Stadium Place community plan. It is an honor and privilege to continue to serve our older adults in Baltimore. Stadium Place allows GEDCO to provide housing and supportive services to seniors of all incomes and backgrounds. We are thankful to our many public and private partners that have made the Village Center project possible and Stadium Place a success,” said Nichole Battle, CEO of GEDCO.
“Commercial Development is excited to take the next step toward bringing this transformative project to fruition with the dynamic GEDCO team. We are committed to the collective vision of providing beautiful, modern residential and retail spaces for this underserved community. As proud partners of this team, we are grateful for the opportunity the New Markets Tax Credits have provided for us to serve others by developing and growing neighborhoods for the people of Baltimore,” said Donella Johnson, spokesperson for Commercial Development.
“The Village Center at Stadium Place represents a continuation of Harbor Bankshares Corporation’s commitment to the revitalization and strengthening of Baltimore City communities,” said Harbor Bankshares chairman, president and CEO Joseph Haskins.
STCC is a national leader in the NMTC program, having closed on approximately $1.4 billion in Qualified Equity Investments. SunTrust Community Development Enterprises, LLC has received nine awards of NMTC allocation, totaling $578 million.
Harbor Bankshares Corporation is also a national leader in the NMTC program. Harbor’s Community Development Entity has received eight awards of NMTC allocation, totaling $334 million. These investments, which have been concentrated in the Greater Baltimore region, have supported over $2.5 billion in development and 4,000 local jobs.
In partnership with faith-based and community organizations, GEDCO provides affordable housing, supportive services, and emergency assistance to community residents. GEDCO is one of Baltimore’s most innovative and dependable nonprofit organizations meeting the needs of vulnerable individuals and families. GEDCO’s real estate projects help revitalize neighborhoods by taking challenging properties, finding creative financing, investing capital, and turning them into quality neighborhood assets. As managing partners of the $100 million Stadium Place Campus, GEDCO is fully vested in the Ednor Gardens – Lakeside community and has demonstrated its ability to produce quality results over the past 20 years.
Guided under the principle of Vision, Commercial Development sees the limitless possibilities to transform neglected neighborhoods into beautiful, sought after living spaces. They find innovative ways to provide high-quality luxury spaces for elderly, low income and workforce residents. It is with both humility and pride that they serve to make the most significant impact possible to improve the lifestyle of their fellow neighbors.
SunTrust Banks, Inc. (NYSE: STI) is a purpose-driven company dedicated to Lighting the Way to Financial Well-Being for the people, businesses, and communities it serves. SunTrust leads onUp, a national movement inspiring Americans to build financial confidence. Headquartered in Atlanta, the Company has two business segments: Consumer and Wholesale. Its flagship subsidiary, SunTrust Bank, operates an extensive branch and ATM network throughout the high-growth Southeast and Mid-Atlantic states, along with 24-hour digital access. Certain business lines serve consumer, commercial, corporate, and institutional clients nationally. As of June 30, 2019, SunTrust had total assets of $222 billion and total deposits of $161 billion. The Company provides deposit, credit, trust, investment, mortgage, asset management, securities brokerage, and capital market services. Learn more at suntrust.com.
About Harbor Bankshares Corporation (HBC)
HBC is the only African–American owned and managed depository institution headquartered in Maryland and counts among its assets the Harbor Bank of Maryland (HBM) and the Harbor Bank of Maryland Community Development Corporation (HBCDC). HBC manages 31 funds with New Markets Tax Credit authority. Its allocations have attracted over $2.7 billion in investment in companies and projects responsible for creating over 4,000 jobs. HBM was founded in 1982 and is a Maryland chartered commercial bank serving Maryland, Washington D.C. and Northern Virginia. It also holds the U.S. Treasury designation as a Community Development Financial Institution (CDFI), Minority Depositary Institution, and an SBA 7(a) and USDA lender. HBCDC is a U.S. Treasury certified CDFI with a dual focus of creating affordable housing opportunities and increasing access to capital. HBCDC makes investments throughout the capital structure of projects and small businesses through loan funds, opportunity funds, and principal investments in the form of mezzanine, equity, and other structured investments. HBCDC also maintains a vibrant co-working space for small businesses in Baltimore, MD. Visit www.theharborbank.com and www.HarborCDC.org for more information.
