PIKESVILLE, MD. – MD Energy Advisors has provided a $ 3 million Clean Energy Commercial Properties (CPAC) loan to Garver Development Group to fund renovations to the former Port City Press printing plant in Baltimore County. The 177,000 square foot property is located at 1323 Greenwood Road in Pikesville. Garver Development acquired the plant in 2020. The previous owner, a Pennsylvania-based entity doing business as 1323 Greenwood LLC, closed the plant in early 2018 and the site remained vacant.
CPACE is a financing structure in which building owners borrow money for energy efficiency, renewable energy or other projects and make repayments through an assessment of their property tax bill, according to the US Department of Energy. CPAC loans are non-recourse borrowing products with a term and amortization schedule of 20 to 25 years and have a fixed interest rate generally below 6%.
Garver Development plans to convert approximately two-thirds of the building into a use that will support self-storage under the Self Storage Plus brand, as well as storage options for cars and small RVs. The remainder of the space, representing approximately 32,000 square feet, will be transformed into an area that can be used for a variety of light industrial and warehouse applications. The company also plans to build approximately 15,000 square feet of in-car storage units on a large existing parking lot.
Based in Baltimore, MD Energy Advisors is an energy management, marketing and efficiency company. Steven Cornblatt, Jared Engel, Coleman Tirone and Peter Coe of Trout Daniel & Associates oversee the rental and marketing of the project.