Maryland Harbor Banka black-owned bank based in Baltimore, will provide funding alongside the union leader Truist Bank for Oak View Groupthe landmark $200 million renovation of Baltimore Arena.
The renovated Baltimore Arena is expected to be a premier venue that will attract major events and increase economic activity in Baltimore.
“Harbor has served the greater Baltimore area for over 40 years, and this project will be a catalyst in reactivating this part of downtown,” Brandon Comerco-founder of The National Black Bank Foundationtold Commercial Observer.
OVG, in partnership with The Baltimore Development Corporation and Thirty-five companiesco-founded by NBA great Kevin Durant and athletic director Rich Kleimanplan to rejuvenate the 60-year-old arena into a state-of-the-art venue that will serve as the anchor for the west side of downtown.
“Deals like this are important for banks like Harbor because they allow the institution to diversify its portfolio while fulfilling its mission to uplift the communities it serves and build relationships with big business. partners,” Comer said.
Arena renovation 201 West Baltimore Streetwill include adding seats and suites, renovating lobbies, upgrading concession areas, and using locally sourced materials, LED lighting, low-flow and waterless fixtures, and other sustainable measures.
“As a local bank headquartered just steps from the Arena, we are excited to be part of this transaction and appreciate the importance of continued focused investment in downtown Baltimore,” john lewischairman of Harbor Bank of Maryland, said in a prepared statement. Clark Construction Group takes care of the renovations.
Habor’s stake will diversify the bank’s portfolio while increasing its capital cushion through fees generated from the loan and interest income on the property, the bank said, noting that the increased capital capacity will will provide new home and small business loans to local families struggling to get approval from major commercial banks.
” It’s important to [us]that we continue to find equitable ways to fund our projects with diverse partners in the communities in which we operate,” Francesca Bodie, president of business development for OVG, said. “We hope this level of economic engagement will help close the racial wealth gap further while strengthening, supporting and growing the community so that there are greater opportunities for all.”
Keith Loria can be reached at [email protected].