Questar Properties, the developer of the proposed 44-story apartment tower at 414 Light St., secured funding for the project.
Citizens Bank announced on Friday it has provided a $107.28 million construction loan for what will be one of the tallest buildings in Baltimore.
“Questar Properties is an innovative, award-winning developer with a high-quality multifamily portfolio and this is an exciting project for the city of Baltimore,” Citizen Bank Vice President for the Mid Atlantic Region Tim Leon said in a news release. “Our bankers appreciate Questar’s expertise and we’re very happy to help them achieve their strategic financial goals.”
The 394-unit apartment building will go up at the southwest corner of Light and Conway streets, the former site of a McCormick spice warehouse.
The building received all necessary approvals from the city in 2004. At the time Questar Properties President Stephen Gorn said they intended to break ground on the project in 2015.
So far a date for groundbreaking hasn’t been set, and Gorn could not be reached for comment.