In March 2022, NIIF joined with the Reinvestment Fund to provide $2.8 million in financing to a unique joint venture between the Central Baltimore Partnership (CBP) and Ernst Valery, a local real estate developer, to support the acquisition and preservation of AREA 405 in the Station North Arts District. Since acquisition, the sponsors have completed a wide variety of improvements to bring the property into compliance with local building codes and to re-activate it as an artist studio hub, makerspace, performance venue and gallery.
Located at 405 East Oliver Street, the 120-year-old building is home to more than 40 artists, a 3,000 square foot “library” for tool sharing and do-it-yourself workshops, and a 6,000 square foot event and gallery space.
In April 2024, NIIF restructured the original acquisition facility to provide permanent debt and increased its commitment by $976,000. The new facility provides a more stable capital structure with better terms and enables its project sponsors to focus fundraising efforts on additional building improvements, including renovation of the third and fourth floors to provide additional affordable studio spaces for artists and makers in Baltimore City.
NOTE: Photo Credit to Edward Weiss