Historic Tax Credits

$14.2 Million Federal

Total Development Cost

$50.6 Million

Project Partner

Sagamore Development, LLC

Impact

Economic Development, and more.

Fell's Point
History

Fell's Point

Located in the southeastern part of Baltimore, the unique harborside community of Fell’s Point was initially developed by landowner William Fell in the early 1760s. From there it evolved from a forested agricultural area into a bustling, seafaring hub where some of the U.S. Navy’s first ships were built. After the War of 1812, Fell’s Point became the country’s second largest point of entry, surpassed only by New York’s Ellis Island.

Built in 1914, Fell’s Point Recreation Pier originally stored port cargo. The building was later used as a community center and served as a television studio for “Homicide: Life on the Street” but closed after the show ended in 1999. The city approved a plan for a hotel there in 2004. In 2010, it sold the deteriorating waterfront parcel for $2 million to a development team. The Plank venture purchased the site four years later bringing in California-based Montage Hotels & Resorts to operate the hotel under its “new luxury” Pendry brand.

The Sagamore Pendry Hotel
Revitalization Efforts

The Sagamore Pendry Hotel

The adaptive reuse of the Recreation Pier is now the Sagamore Pendry Hotel. The Sagamore is part of a division of the ultra-luxury hotel and resort brand Montage, consisting of 128 rooms, a full-service American cuisine restaurant and bar, whiskey bar and lounge, 8,000 square feet of meeting space, a 230-seat ballroom, outdoor pool terrace overlooking the Inner Harbor.

The original headhouse is restored and serves as the hotel entrance containing the main lobby, restaurant and bar areas. The original ballroom is now restored and modernized to serve as the hotels banquet facility for an array of events including weddings and meetings. Three levels of guestrooms wrap around the existing pier with the majority of the rooms having unobstructed views of the harbor while the others look over an interior landscaped courtyard. The end of the pier has an infinity edge pool, cabanas and pool bar.

Community Impact

Investing in Baltimore

At the 2017 grand opening of the Sagamore Pendry Hotel, then Governor Larry Hogan spoke of the estimated 1,200 construction jobs that would be generated by the Hotel. The Sagamore employs roughly 204 people, of whom approximately 90% receive a living wage and approximately 71% are Baltimore City residents. The vast majority of the jobs are accessible to low-income people with or without high school degrees with career advancement opportunities.

Additionally, the development team purchased Baltimore’s Inner Harbor water taxi service, strategically adding a direct route from its headquarters across the harbor to the Sagamore Pendry Hotel. The development team’s investment in the Water Taxi has increased taxi stops, upgraded existing boats, added new boats, and lengthened service hours providing affordable transportation through the city.

NTCIC & Progress

Economic Impact

The development of the Sagamore Pendry Hotel was made possible, in part, by NTCIC through an equity investment in the $14.2 Million in federal Historic Tax Credits generated by the project.

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Energy Tax Credits

$12.4 Million

Megawatts

11.7

Fair Market Value

$33.6 Million

Project Partner

Summit Ridge Energy

Impact

Sustainability

Community Solar Development
Project Details

Community Solar Development

In partnership with Summit Ridge Energy, a national leader in Community Solar development, NT Solar financed over $12 million in solar tax credit investments for a portfolio of two community solar installations located in Maryland and Illinois. This is NT Solar’s second investment with Summit Ridge Energy and was made possible through NTCIC/NT Solar’s newly established Climate Impact and Revitalization Fund (CIRF). At 9.2 MW DC, the Bomber site will be the largest rooftop solar installation in Maryland

The community solar installations will provide renewable energy to thousands of residential users, each saving up to 10% of traditional energy providers. The installations are anticipated to generate 11.7 Megawatts (MW) of power.

Impacts

Environmental Sustainability

The installations will generate an estimated 574 gigawatt-hours (GWh) over the life of the project, which:

49,000 homes

Take 49,000 homes off the grid

450 Million Pounds of Coal

Offset burning 450 million pounds of coal

499,000 Acres of Forest

Sequester same amount of carbon as over 499,000 acres of forest

45 Million Gallons of Gas

Offset emissions from 45 million gallons of gas annually

About Summit Ridge Energy

Partnership at Work

Summit Ridge Energy is the leading owner-operator of U.S. community solar projects. The team has been a strong force within the U.S. commercial solar market for years and was instrumental in creating “virtual” solar power purchase agreements and associated financing structures. Summit Ridge Energy has leveraged this

experience to launch Summit Ridge Capital, a dedicated funding platform that acquires pre-operational projects within the rapidly growing community solar energy sector. Follow Summit Ridge Energy on LinkedIn and Twitter for updates, or learn more at srenergy.com.

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Historic Tax Credits

$13 Million
Federal & State

Bridge Loan

$7 Million

Total Project Cost

$85 Million

Project Partner

Terra Nova Ventures LLC

Impact

Economic Development

Maryland's First Flour Mill
History

Maryland's First Flour Mill

The history of the Wilkins Rogers Mill complex in Ellicott City, Maryland, traces its roots back to 1774, when the Ellicott brothers built a grist mill on the banks of the Patapsco River, becoming the first in Maryland to produce flour as a commercial enterprise. The mill was also a pioneer in the region, adopting Oliver Evans’ system of mill automation, which played a key role in establishing Baltimore as one of the nation’s most successful producers of flour products. After the Panic of 1837, the mill was acquired by Charles Carroll and Charles Gambrill, with the Gambrill family continuing to operate it into the 1920s.

The original mill building, constructed in two phases from 1916 to 1918, was later expanded with the addition of a combined warehouse, laboratory, and machine shop in 1941, replacing an earlier structure destroyed by fire. This complex, which includes the main mill building, attached boiler house, nine silos, and other structures, was significantly impacted by tenants like C.A. Gambrill Mfg. Company and the Doughnut Corporation of America (DCA), who oversaw renovations following a fire in 1941.

The Wilkins Rogers Company acquired the property in 1967 and operated it until 2020. Today, the complex remains a contributing property in the Ellicott’s Mills Historic District, which was listed in the National Register of Historic Places in 1976.  

Historic Mill Gets New Life
Revitalization Efforts

Historic Mill Gets New Life

The historic Wilkins Rogers complex will be redeveloped into a mixed-use project called Ellicott Mill consisting of apartments, a restaurant overlooking the Patapsco River, retail space, a swimming pool, modern amenities and a parking garage. The project will maintain its historic character with rehab to the main mill building, as well as other contributing buildings and a railroad trestle. Ellicott Mill is within walking distance to downtown Ellicott City and is conveniently located between Baltimore and DC.  

NTCIC & Progress

Financing & Impact

The $85 million revitalization of Ellicott Mill was supported in part by NTCIC through an equity investment in the $10 million Federal Historic Tax Credits generated by the project, $3 million in State Historic Tax Credits, and a $7 million bridge loan.

NTCIC acted as the Federal and State historic tax credit investment sourcer and 

underwriter, as well as provided project management services to oversee the successful financial closing. The bridge loan was serviced by NT Impact Capital, a recently formed subsidiary of NTCIC that specializes in impact investments. NTCIC will provide asset management services for the Ellicott Mill project through the tax credit compliance period.

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New Markets Tax Credits

$1.7 Million

Total Project Cost

$6.7 Million

Project Partner

Jubilee Baltimore

Impact

Arts Education, Support, & Access

History

Auto Shop & Dance Academy

Built in 1909, the historic Odell Building at 21 North Avenue was one of the first, if not the first, commercial buildings located on what is now known as North Avenue in Baltimore City, Maryland. During the mid-1800s, Taney Place was an upper-class residential boulevard of many free-standing estates and large rowhouses. The street began to transition to more high-end commercial use with the construction of 21 North Avenue, which housed the Auto Outing Company, a luxury Buick sales and service station, and Tuttle’s Dancing Academy. Generations of Baltimore’s upper-class took lessons at this academy, including Wallis Simpson, the Duchess of Windsor.

During the 1920s, the street became fully commercial and catered almost exclusively to wealthy patrons. During this time, the founder of Auto Outing Company, JM Robbins, changed the business name to Robbins Buick, to reflect an increased focus on car sales. This period was short-lived and came to an end with the Great Depression of 1929. Robbins Buick closed its doors in 1932, but the ballroom remained.

As the country recovered through the 1940s, the area around North Avenue shifted to serve the growing middle-class community and became a major point of connection for the city’s eastern and western residential areas. With excellent streetcar services, North Avenue became a social and entertainment center for Baltimore’s younger population, and the building became the social landmark. From the 1950s through the building’s vacancy in 1992, the building housed several famous nightclubs and venues, the most iconic of which being Odell’s. Opened in 1976, Odell’s was Baltimore’s premier disco venue through the 1980s and is often cited as the birthplace of Baltimore Club Music. Since the club’s closing in 1992, the building has sat vacant and waiting for revitalization.

An Inovative Campus
Revitalization Efforts

An Inovative Campus

The redevelopment of the historic Odell building into the North Avenue Educational Hub will reactivate the 18,000 square foot landmark and become a new home to two Baltimore-based nonprofit organizations dedicated to enriching the lives of students.

A Neighborhood Landmark Revived

BEFORE

Vacant and Neglected

Since Odell’s closing in 1992, the historic structure sat vacant, ready to be revitalized.

AFTER

Reactivated for the Community

After its renovation, the historic building is now alive again, hosting two non-profits dedicated to serving the community

Community & Economic Impact

Community and Culture

The revitalization of this historic building, led by the nonprofit development organization Jubilee Baltimore, created positive community outcomes from the moment the first brick was laid. The construction team created roughly 57 full-time equivalent (FTE) jobs, all paying the Maryland Prevailing Wage (or higher). Additionally, the construction team worked with Project Jumpstart, a 14-week construction training program, to provide employment and training opportunities for Baltimore residents. Upon its completion, the expanded space and lower rents enabled both non-profit

organizations to hire additional employees, expand their training programs and help more children in Baltimore. In total, the project created and retained 62 permanent jobs, all of which pay a living wage (or higher), and provide healthcare, paid leave, retirement benefits, job training, and opportunities for advancement. The large space for Code in the Schools helped roughly 50 students gain access to computer science education courses on-site every day during the school year.

NTCIC & Progress

Financing the Project

The project financing was made possible, in part, the $1.7 million New Markets Tax Credit allocation, provided by NTCIC’s Irvin Henderson Main Street Revitalization Fund. This innovative use of the New Markets Tax Credit supports historic preservation efforts in Main Street communities that are of a development cost that may preclude them from some federal incentive programs. The project also utilized state and federal Historic Tax Credits, provided by additional funding partners.

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Historic Tax Credits

$3.8 Million
Federal HTCs

New Markets Tax Credits

$5.3 Million

Total Project Cost

$21.2 Million

Project Partner

Humanim, Inc.

Impact

Social Services, Workforce Development

A Baltimore Brewery
History

A Baltimore Brewery

The five-story American Brewery Brewhouse building was built in 1887 in East Baltimore as part of a five-acre brewery complex. It operated as a brewhouse and beverage plant until its closing in 1973. The building and an adjacent bottling plant were donated to the City of Baltimore in 1977. After several failed redevelopment attempts by various entities, Streuver Brothers, Gotham Development, and Humanim were awarded the rights to develop both properties in 2005. Thanks to vision and dedication, the long-time vacant Brewhouse is now office and program space for Humanim, a 35-year old nonprofit social and human services provider.

A Beacon in the Midst of Blight
Revitalization Effort

A Beacon in the Midst of Blight

The reuse of the American Brewery Building is a huge boon for its Broadway East neighborhood – one characterized by poverty and a high degree of abandonment and blight. Roughly half the properties in the area are vacant or have been demolished. The building was in poor condition and necessitated an extensive, $24 million rehabilitation. Approximately 80% of the existing wood windows were retained and repaired, the west tower underwent substantial structural repair and interior reframing throughout the building was necessary. New electrical, plumbing, and mechanical systems were also installed. The rehabilitated Brewhouse enables Humanim to consolidate its operations and expand its existing employment and clinical service programs. These include services for individuals with developmental, emotional, neurological, and physical disabilities.

NTCIC & Progress

Impact & Financing

The project returns a building into a high-quality, high-character home for an established social services agency that provides workforce development services and job creation opportunities to a neighborhood desperate for economic revitalization. The surrounding census tract has a 51% poverty rate and an unemployment rate more than four times the national average. A rehabilitated American Brewery Building is a beacon of hope for continued economic

investment and revitalization in one of the most neglected and desperate areas of Baltimore.

NTCIC facilitated the investment in the $3.8 million of federal Historic Tax Credits generated by the $21.2 million historic revitalization efforts and provided $5.3 million in New Markets Tax Credit allocation to ensure the project’s success.

 

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Curious About How Historic Tax Credit Investments Drive Real Impact?

Kandi Jackson leads tax credit investment activities with deep expertise in project finance, equity structuring, and compliance. When you speak with Kandi, expect clarity, honesty, and a clear roadmap for how your next investment can work in your portfolio.

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New Markets Tax Credits

$5 Million

Total Project Cost

$10 Million

Project Partner

Cross Street Partners

Impact

Workforce Development, Sustainability

History

A Global Canning Industry is Formed

Phillips Packing House Historic Image

Nestled between the waters of Chesapeake Bay and the farmland of the Eastern Shore, The Phillips Packing Company utilized these nearby resources to become a leading cannery in the United States. As the company grew, it acquired its final building in 1930, one of the largest factories in Cambridge, Maryland. “Factory F,” as it was known, became the headquarters for the company’s successful tomato operation, where they soon became a global name as the largest producer of canned tomatoes in the world.

The company also extended its goods to the war effort, becoming the main supplier of individual canned and pre-cooked meals (known as C-rations) to soldiers during World Wars I and II. In the 1930s, it also supplied food and provisions to Antarctic explorers. These successes put Cambridge on the map, and the community reaped the benefits.

At one point, the Phillips Packing Company employed about a quarter of the population of Cambridge. It was also one of the few desegregated employers; anyone and everyone was welcome to work in the hustle of the factories.

The Phillips Packing Company continued to be an economic staple, eventually expanding into trucking and oil before it was finally sold to Consolidated Foods (now a Sara Lee Corporation) in the 1960s. Factory F was the only remaining production building from the Phillips Packing Company empire.

New space at the Packing House
Revitalization Efforts

A New Generation

The historic warehouse has become the Packing House and will continue its legacy of the Chesapeake by creating an environmentally sustainable space for emerging entrepreneurs, workforce development, and aquaculture.

The Packing House provides space for local businesses supporting Chesapeake Bay revitalization efforts, commercial kitchen opportunities for food business startups, and workforce development training opportunities for individuals seeking new employment.

Community Impact

A Thriving Community Asset

The Cambridge community is once again benefiting from jobs created from within The Packing House. The extensive construction and preservation efforts generated 110 construction jobs, and as the tenant businesses grow in their new spaces, they’ll create and retain a projected 161 permanent jobs. 100% of the construction and permanent positions will be quality, well-paying jobs targeting and supporting the community.

The tenants of the building are dedicated to giving back to the community through various programming and support. The Maryland DHCD operates a Community Engagement Center within the Packing House to host training and certification programs for residents, including holistic health, continuing education in the medical field, farming certifications, and landscaping certifications.

MERGE is focusing on career growth support by operating one of Cambridge, Maryland’s few incubation hubs and shared office space, with a focus on education.

The new collaborative space will support an estimated 50 entrepreneurs each year. Several active MERGE members, such as the Dorchester Foundation, are community-oriented and operate youth employment programs targeting low-income families.

Food entrepreneurs will also benefit from the new space, with Four Eleven Kitchen offering classes, support, and training in its food concept spaces. Four times a year, it will offer six—to eight-week programs for six young chefs (24 annually). The Four Eleven Kitchen will also offer an additional 10–20 food concept production platforms for others looking to try their hand in the kitchen.

All of this and more will take place in the newly renovated Packing House. This historic, 60,000-square-foot industrial warehouse has been awarded LEED Gold certification for meeting high standards in energy efficiency, water conservation, and material reuse. It is projected that the restored Packing House will conserve 148.9 MWh of electricity each year, equivalent to the amount of energy used when burning 120,000 lbs. of coal.

Chesapeak Bay Restoration

Blue Oyster Environmental donates processed oyster shells to support spawning and environmental remediation

Food Startups

24 young chefs supported annually at Four Eleven Kitchen
10-20 food concept production platforms supporting new food training

Entrepreneurial Support

50 entrepreneurs supported annually at MERGE offices

Job Creation

110 construction jobs created
161 permanent jobs created/retained

Environmental Impact

LEED Gold certified construction
Conserving 150 MWh of Electricity Annually

NTCIC & Progress

Financing the Project

The $10 million phase II of the historic restoration of the Packing House was made possible through public and private financing, including a $5 million New Markets Tax Credit allocation from NTCIC. This critical funding will ensure the tenants’ spaces are activated so they can grow and support more members of the surrounding community.

Additional Phase II funding sources included Historic Tax Credit equity and $2.5 million in additional NMTC allocation from U.S. Bancorp Community Development Corporation. Phase I of the Packing House development, totaling $26 million in development costs, began in 2021 and was completed in 2023.

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Federal Historic Tax Credits

$4 Million

New Markets Tax Credits

$10 Million

Total Project Cost

$28.4 Million

Project Partner

Cross Street Partners

Impact

Workforce Development
Education Access

A History in Print
History

A History in Print

The Hoen & Co. Complex, originally constructed in 1885 in Baltimore, MD, is the last remaining site of the oldest continuously operating lithographer in the United States. Known for their precision and high-quality work that elevated the medium, the Hoen & Co. lithographers specialized in cartographic, scientific, and pictorial illustration, producing maps that were influential in the settlement of the West and setting national boundaries. Their maps were used in the National Geographic Society’s first bound atlas and comprised the full collection of insert maps in the National Geographic magazine. They also frequently partnered with the Johns Hopkins University Department of Art as Applied to Science in the creation of extraordinarily detailed medical illustrations.

The company succumbed to bankruptcy in 1981 after the pressure of a decline in business and a rise in cost-effective digital options. The buildings sat vacant until they were acquired by the City of Baltimore and sold to the collaborative team leading the current redevelopment.

A communal space within the revitalized Hoen Lithograph building
Revitalization Efforts

The Center for Neighborhood Innovation

Completed in 2020, the 86,000 square foot former lithograph printing facility is now the Center for Neighborhood Innovation (CNI), a new model for community transformation. It co-located workforce development programs, educational training, neighborhood revitalization advocates, and nonprofits committed to strengthening the local neighborhood.

Hoen is now home to several impactful nonprofit, university programs, businesses, and workforce development programs helping to expand opportunities in Baltimore’s east side communities.

Community Impact

Creating Opportunities in East Baltimore

The revitalized Hoen Lithograph building, which completed construction in 2020, is now a thriving hub of innovation, workforce training, research and opportunity in East Baltimore. The building now supports hundreds of students working to address health inequities in their communities, community members looking to expand their

employment opportunities, and creative minds helping to highlight Baltimore as a powerhouse in the entertainment industry. Workforce training programs located at Hoen Lithograph support 575 students each year, while social service programs support 2,500 annual visits.

575

Annual Workforce Training Participants

2,500

Annual Social Service Clients

60%

Returning Citizen Participation of Project Jumpstart

86,000

Square Feet of Historic Space Restored

NTCIC & Progress

Financing the Project

NTCIC provided $10 million in New Markets Tax Credit allocation and an equity investment in the $4 million in Federal Historic Tax Credits generated by the project, making the $28.4 million rehabilitation of the Hoen Lithograph building possible. These investments enabled the transformation of a vacant historic building into the Center for Neighborhood Innovation, provide below-market rents to impactful organizations that help change lives and support community revitalization.

The project leveraged NMTC and HTC equity alongside loans, grants, and sponsor equity, reducing the need for traditional debt. Construction created 50 quality jobs, while the completed complex supports nearly 300 permanent full-time equivalent (FTE) positions, as well as 3,100 program participants each year.

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