BALTIMORE – February 1, 2015 – (RealEstateRama) — A cool new coffee bar, Kool Beanz, has opened in Baltimore’s Mount Vernon community, a block away from the University of Maryland Medical Center’s Midtown campus. The Maryland Department of Housing and Community Development provided critical funding to transform the vacant three-story building into a viable mixed-use development, thanks to a $91,000 loan through the Neighborhood BusinessWorks program.
In addition to the retail space, the renovations added five studio apartments, a rooftop entertaining area, and a laundry facility. Each apartment features hardwood floors, stainless steel appliances, central air, an intercom system and free cable/internet.
Neighborhood BusinessWorks loans provide flexible gap financing to small businesses locating or expanding in locally designated neighborhood revitalization areas throughout the state.
“Our small business lending programs play a critically important role in strengthening our economy, strengthening our communities and creating jobs that help strengthen Maryland families,” said Maryland Department of Housing and Community Development Secretary Kenneth C. Holt.