Case Studies

Summary 

The Sponsor was seeking flexible, cost-effective financing to support the completion of The Plaza Baltimore, a historic rehab-conversion of a former bank headquarters at 1 S. Calvert Street in downtown Baltimore. The project will deliver 157 Class-A multifamily units and 8,162 square feet of ground-floor commercial space in a highly walkable location near the Inner Harbor.

By adding C-PACE financing to the capital stack, Bayview PACE helped provide long-term, fixed-rate capital for eligible energy, water, building envelope, and resiliency improvements, supporting the sponsor’s effort to complete and reposition the historic property.

The Opportunity 

Bayview PACE provided $15.75 million in C-PACE financing for The Plaza Baltimore, a $57 million, 16-story adaptive reuse project in the historic district of downtown Baltimore. MIRA Properties acquired the partially completed project out of foreclosure and immediately began work to complete the conversion, with delivery slated for August 2026.

The financing helped support the completion of a significant downtown redevelopment that will bring much-needed multifamily housing to Baltimore’s urban core. The building was recently fully leased by Morgan State University for student housing beginning this fall, further underscoring the project’s importance to the local market.

Bayview PACE’s C-PACE financing offered a flexible addition to the capital stack for a seasoned sponsor with deep experience rehabilitating historic properties. The transaction highlights how C-PACE can be used to support major commercial renovations, adaptive reuse projects, and historic rehab-conversions by providing cost-effective financing for qualified improvements.