"It's a nice marketplace and we thought the building needed modernization to increase the standard of living for the tenants," Franklin senior vice president Steve Wilson shares with GlobeSt.com. "It's a solid middle-income market and we're going to take the building to that level."
Franklin is funding the redevelopment project through Maryland Department of Housing and Community Development's issuing of tax-exempt bonds, and bridge loan financing arranged by Franklin Capital Group's Franklin Capital Advisors LP.
"We were able to accomplish the financing without cash-flow loans or tax abatements from local government," Wilson notes. "It costs them nothing to improve and support a property of this nature."
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.
