Financing Secured for Harford Road Renovation

The Harford Road corridor in Baltimore is seeing continued investment as a development team secured funds to revive a historic structure. MCB Real Estate announced it obtained $6.3 million in financing to renovate the Markley building at 4515 Harford Road. The project, known as The Markley, will transform the vacant three-story structure into 19 apartments and street-level retail space.

The building was constructed in 1912 and served as a general store and coal warehouse for the Markley family until 1955. It has remained empty for more than ten years. MCB acquired the property as part of a larger land assemblage that included the site for The Enolia, a 151-unit student housing facility that opened in 2025. The Enolia, located at 4529 Harford Road, is master-leased to Morgan State University and represents a $58 million investment.

The financing package is a mix of loans and investments. WesBanco provided a $2.5 million construction loan. The Neighborhood Impact Investment Fund offered a $2.7 million bridge loan. Reimagine Development Partners and Opal Companies contributed $1.1 million in equity. These funds supplement historic tax credits from the Maryland Historic Trust and grants from the Maryland Department of Housing and Community Development received by Hamilton-Lauraville Main Street, or HLMS.

HLMS initially approached MCB about preserving the building. The development team includes HLMS, Opal Companies, and Reimagine Development Partners. Alexander Design Studio serves as the architect, while Hencken & Gaines is the general contractor. Traceries acts as the preservation consultant.

Will Bradshaw, CEO of Reimagine Development Partners, noted the difficulty of funding projects under $10 million. "For too long, projects that cost less than $10 million have struggled to attract the capital they need," Bradshaw said in a statement. He added that while some may view the scale as small, the impact on the neighborhood is substantial. "Others might call these projects small, but they are not insignificant to their neighbors or the people that ultimately call them home," he said.

Daniel Doty, Executive Director of HLMS, stated that his organization has worked with MCB since 2022 on the redevelopment of the 3.6-acre brownfield site. "This project builds on other investments we have made, turning a vacant gas station into a community gathering place at The Lot and facilitating reinvestment in several vacant storefronts that now house wonderful community retailers," Doty said in a statement. MCB project executive Reni Lawal said The Markley will complete the development efforts for the area. "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," Lawal said.

The team aims to finish construction by the summer of 2027. The renovated building will feature 900 square feet of retail space at the ground level. MCB is currently negotiating with a neighborhood-owned business to open its first brick-and-mortar store in that space. Amy Bonitz, MCB’s Managing Director of Community Development, said the project demonstrates the value of collaboration. "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," Bonitz said in a statement.