An attractive new residential tower complex is rising in downtown Baltimore. Just a few steps down the street from Johns Hopkins Medical, a major component of the Science and Technology Park at Johns Hopkins (which is an urban redevelopment of 88 acres located adjacent to world renowned Johns Hopkins medical and research complex), the 20-story 321 unit, 572 bed "929" building will house students, interns, residents and other medical trainees when it opens in Summer of 2012. Development is being financed by a $42.7 million construction loan arranged by PNC.
In addition to studio, one-, two-, and four-bedroom apartments, the building offers a fitness center and a rooftop garden terrace. It is designed to achieve LEED certification with the latest in sustainable products and building systems.
PNC's ongoing relationship with the developer, Education Realty Trust (EDR) was a key factor in acquiring the business. EDR specializes in the development, ownership and management of student housing and has developed 128 projects at 80 universities. In addition, PNC's retail presence in the Baltimore area along with PNC's experience with 501c (3) projects and the ability to underwrite and hold the entire facility contributed to the favorable outcome.
During the September, 2010, groundbreaking ceremony for "929", Congressman Elijah E. Cummings, who represents the Seventh District of the State of Maryland, spoke enthusiastically about the project.
"This new building will house hundreds of students," he noted. "While they live here, they will buy here, eat here and help the community grow. Most important, the young people growing up here will see people who are living their dreams, applying themselves and doing good things in this world."