"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."
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