Baltimore, MD Meridian Capital Group arranged $5.5 million in financing to refinance Printers Sq., a multifamily community, on behalf of Matt Teichman, founder of BCI Management LLC.
The five-year loan, provided by FVCbank, features a rate of 3.85%, one five-year extension option, and a 30-year amortization schedule. This transaction was negotiated by Meridian senior vice president, Isaac Filler, and associate, Yossi Koschitzki.
“In the midst of a tumultuous market, capital remains available for quality sponsors and well-located assets. It was a pleasure to pair FVCbank with BCI Management, a market leader in Baltimore’s affordable housing market,” said Filler.
“BCI Management prides itself in maintaining the integrity of each property, providing quality, affordable homes to the community while maximizing operating performance,” said Teichman
Located at 1312 Guilford Ave., Printers Square consists of four mid-rise buildings totaling 60 one- and two-bedroom residential units across 47,939 s/f. A former printing house converted into apartments in 2007, the community offers a unique, updated city setting while having preserved the original architecture and features of the building. Residents enjoy views of downtown, oversized windows, exposed brick walls, ceiling heights of up to 14 ft., balconies, a fully equipped fitness center, and private parking. Printers Square was 97% occupied at the time of refinance.
Advantageously situated in the city’s Art District, the property enjoys proximity to Penn Station, providing access to Amtrak and the MARC train, and an array of shopping, dining, parks, and schools.