Eye Sore To Be Turned Into Apartments, Retail On Lexington Street
A long standing city-owned eye sore is currently being redeveloped into apartments and commercial space by a local developer, helping revitalize an important intersection in downtown Baltimore.
The project, which is comprised of two buildings located at the intersection of W Lexington and Liberty St., makes for a total of 6,000 square feet to be turned into commercial ground floor retail space and four apartments above.
Developer and owner Chukuemeka Okoro purchased the vacant property from Baltimore City in February 2015, and was seeking short term construction financing for the project. “In today’s market, I knew that I had a building with great bones and potential, and that I needed a lender who understood construction, redevelopment and could help get my loan closed quickly,” explains Okoro.
That’s when PSG Lending, a private lender in Baltimore, came in to assist the developer by lending him the $390,000 necessary to fund the hard cost construction and redevelopment of the project.
“This project sits on an under-served block of Baltimore with great potential, and came from an experienced developer, so we were happy to take it on,” says Paul Khazansky, Managing Director at PSG Lending. “And because we know and understand Baltimore and these types of projects, we were able to execute quickly and get a loan closed for Chukes.”
Since 2015, PSG Lending has been providing short-term construction, renovation and bridge loans to borrowers such as Okoro who have a hard time finding traditional sources of financing for their projects. PSG Lending focuses on making loans between $150,000 to $3,000,000 and its affiliates are involved in a multitude of development and construction projects across Maryland.
The redevelopment of this building will help revitalize an important intersection located in Baltimore’s Central Business District and just a block away from the historic Lexington Market.
Construction is currently underway and is expected to be completed by the end of this year.
About PSG Lending – PSG Lending was established in 2015 by an experienced team of real estate professionals and provides time-sensitive interim and bridge financing using non-owner occupied residential and commercial real estate as collateral. For more information, please visit: psglending.com.