BDC resubmission · September 2026
Sources & uses
NIIF participates as senior lender on 1818 + 1820 and may also refinance 1816. Total uses $8,237,803 = total sources $8,237,803.
Phase 2 — 1818 + 1820
| Source | Amount | % of phase | Status | Type |
|---|---|---|---|---|
| NIIF senior construction-to-permanent loan | $2,724,000 | 44.2% | Requested – NIIF underwriting | Debt |
| Sponsor cash equity (personal funds) | $200,000 | 3.2% | Committed – proof of funds | Equity |
| Sponsor land equity – 1818 (acquired Mar 2026) | $150,000 | 2.4% | Funded | Equity |
| Deferred developer fee | $222,149 | 3.6% | Committed by sponsor | Equity |
| MD Legislative Bond Initiative – 2027 session | $500,000 | 8.1% | To be requested (District 40) | Grant |
| Federal Historic Tax Credit equity (20%) | $438,000 | 7.1% | Proposed – NPS Part 1–3 | Tax credit equity |
| MD Historic Revitalization Tax Credit equity | $438,000 | 7.1% | Proposed – MHT competitive round | Tax credit equity |
| BDC Façade Improvement Grant | $50,000 | 0.8% | To be requested | Grant |
| DHCD BRNI – FY2029 round | $150,000 | 2.4% | To be requested (≈June 2027) | Grant |
| DHCD Strategic Demolition Fund / Project C.O.R.E. (via CDO partner) | $250,000 | 4.1% | To be requested with CBP | Grant |
| DHCD Community Legacy (via CDO partner) | $100,000 | 1.6% | To be requested with CBP | Grant |
| BDC / City subordinate gap financing (request) | $943,874 | 15.3% | Requested from BDC – deferred, repaid from sale/refinance | Subordinate debt |
| Total Phase 2 sources | $6,166,023 | 100.0% |
Phase 1 — 1816 (funded)
| Source | Amount | Status |
|---|---|---|
| 1816 permanent loan (refinances Nextres/FCI hard money) | $782,036 | To be closed at completion – bank/CDFI (NIIF may participate) |
| Sponsor equity invested to date | $559,000 | Funded |
| Sponsor-funded carrying costs to date | $230,744 | Funded |
| DHCD BRNI award (BRNI-2026-LLAYD-00539-R) | $250,000 | Awarded |
| MD bond bill – 2025 session | $250,000 | Awarded |
| Total Phase 1 sources | $2,071,780 |
NIIF terms modeled: $2,724,000 at 5.0% fixed, 18-month interest-only construction, then 25-year amortization (7-year term), ≤1.5% fee. The 1816 permanent loan of $782,036 retires the matured 15% Nextres note.
Uses by parcel: Development budget · Gap analysis: Funding gap & strategy