Bayview Funds $15.7 Million in C-PACE for Historic Conversion of 157-unit The Plaza Baltimore in Baltimore, MD

Bayview Funds $15.7 Million in C-PACE for Historic Conversion of 157-unit The Plaza Baltimore in Baltimore, MD

Baltimore and Coral Gables, FL (June 10, 2026) – Bayview PACE, a division of Bayview Commercial Mortgage Finance, LLC, today announced the closing of $15.7 million in C-PACE financing for Plaza Baltimore at 1 S. Calvert in the historic district of downtown Baltimore, MD, just steps from the Inner Harbor. The $57 million,16-story rehab-conversion of a former bank headquarters includes 157 class-A multifamily units and 8,162 square feet of ground floor commercial space.

Philadelphia-based MIRA Properties acquired the partially completed project out of foreclosure in December 2025, and immediately began work on completion which is slated for August 2026. MIRA, which specializes in rehabilitating historic properties like The Plaza, has developed/acquired over 20 properties ranging from hotels to mixed-use developments.

Just last month, Morgan State University, a Baltimore institution dating back to 1867, announced fully leasing the building for student housing this fall. US News & World Report recently ranked the university at #178 among Top Public Schools and #329 in National Universities.

“We’re excited that Bayview’s C-PACE capital will help a seasoned project sponsor complete the conversion of this historic property into much-needed multifamily housing,” said Shelah Wallace, Senior Vice President-Originations for Bayview PACE. “Our C-PACE financing is a highly flexible addition to the capital stack for major commercial projects of all types, and is particularly beneficial to historic rehab projects starting construction or for ‘look back’ refinancing of up to three years.”

The Plaza’s amenity package includes a rooftop deck, resident lounge, billiards, movie room, and bike storage. The project enjoys an ideal location just steps from the Inner Harbor and within walking distance of major amenities such as Harborplace, CFG Bank Arena, the Baltimore Convention Center, Oriole Park at Camden Yards, and M&T Bank Stadium. Downtown Baltimore is a historically significant and supply-constrained urban core that offers a highly walkable environment, strong transit connectivity via Light RailLink, Metro SubwayLink, and MARC commuter rail.

The general contractor for Plaza Baltimore is MIRA Construction, an affiliate of Mira Properties which has built all of Mira’s projects to date. The architect is SETO Architects with headquarters in Baltimore and offices in New York and Washington DC.

Bayview PACE’s Commercial Property-Assessed Clean Energy (C-PACE) financing offers favorable and cost-effective terms for qualified improvements in energy, lighting, water systems, building envelope and other resiliency components, and it can be applied to new construction as well as renovations. C-PACE financings to date in the U.S. exceed well over $13 billion. It has been approved through legislation in 40 states, gaining popularity among real estate owners and the financial institutions looking to serve them.

About Bayview PACE

Bayview PACE, a division of Bayview Commercial Mortgage Finance, LLC, provides creative financing solutions that combine C-PACE lending with construction and bridge capital. Unlike most PACE-only providers, Bayview PACE partners with commercial property owners and developers to deliver a full capital stack solution.

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