MCB Real Estate-Led Partnership Closes Final $6 Million in Financing for Renovation of the Markley Building

A MCB Real Estate-led partnership has received final $6.3 million in financing for the renovation of The Markley, a historic early 20th century building located adjacent to The Enolia, a student housing development that is master leased to Morgan State University in Baltimore City. MCB, together with Hamilton-Lauraville Main Street (HLMS) and Reimagine Development Partners are transforming the project – originally built as a general store, family residence and warehouse – into a mixed-use historic development containing approximately 900 square feet of street-level retail and 19 residential units. Delivery is expected to occur next summer.

Financing recently closed on a $2.5 million construction loan from Wesbanco, a $2.7 million bridge loan from the Neighborhood Impact Investment Fund and a $1.1 million investment from Reimagine Development Partners, supplementing the receipt of a historic tax credit award from the Maryland Historic Trust and the grant funds HLMS received from the Maryland Department of Housing and Community Development. The Neighborhood Impact Investment Fund is the bridge lender and Reimagine Development Partners is the federal historic tax credit investor.

The building, located at 4515 Harford Road, is a contributing structure in the surrounding national historic district. MCB is working with general contractor Hencken & Gaines, architects at Alexander Design Studio and preservation consultant Traceries to restore the building to its early 20th century appearance including its distinctive two-story porch.

Constructed in 1912 and originally conceived as a general store to sell items such as farm seed and equipment to area farmers and residents, the building also served as a warehouse to store coal and home to the Markley family until 1955. Vacant for more than 10 years, the property was acquired by MCB as part of a larger assemblage that included the Enolia. HLMS approached MCB about preserving the building and agreed to partner with MCB to raise the necessary funding to save the building and place it back into productive use. When complete, the project will feature nineteen one- and two- bedroom units and studio lofts and a storefront retail space. MCB is conducting negotiations with a neighborhood-owned business to open its first brick and mortar store in the retail space.

“This transformation shows what is possible when anchor institutions, non-profit partners, state and city agencies, and community development financial institutions work with the private sector to inject new energy and vitality in local communities,” stated Amy Bonitz, Managing Director of Community Development at MCB Real Estate.

Reni Lawal, the project executive for MCB, has been working to bring this building back to life since 2023. “This is an especially gratifying moment to have so many partners collaborating to preserve The Markley and restore it for a new generation, creating much-needed boutique retail and housing and continuing the legacy of this historic building. Together with the Enolia, The Markley will complete our efforts to create a new center of the robust activity on the Harford Road Main Street that serves Morgan State University and the seven surrounding neighborhoods.”

Nearly 550,000 people, including more than 225,000 households with an average income exceeding $100,000, reside within a five-mile radius of the Markley.

Last summer, MCB Real Estate delivered The Enolia, a 151-unit, 473-bed off-campus student housing building named in honor of Enolia Pettigen McMillan, the late civil rights leader recognized for her work contributing to the desegregation of Maryland-area schools.

Founded in 2007, MCB Real Estate is a community-centric, privately held national commercial real estate investment management and development firm headquartered in Baltimore, Maryland. MCB boasts a nationwide portfolio of approximately $4.5 billion in assets under management and owns or manages approximately 23 million square feet, with nearly six million square feet in its development pipeline. Property types include industrial, office, retail, mixed-use, multifamily, and healthcare. The firm offers a seamlessly integrated suite of commercial real estate investment services, including acquisitions, development, construction, asset management, property management, leasing, marketing, financing, and legal expertise, thus ensuring comprehensive support throughout every stage of an asset’s lifecycle. Learn more at www.mcbrealestate.com