On August 13, 2020, Twain Financial Partners announced the successful funding of $4.3 million in Federal Historic Tax Credit (HTC) equity and $4.4 million in Commercial Property Assessed Clean Energy (C-PACE) financing that will help restore the historic Latrobe Apartment House located at 2 East Read Street in Baltimore, Maryland.
Twain’s funding will assist in transforming the 109-year-old building into a 116-room ASH Hotel with an expansive main lobby that will include a library with coffee, cocktail and food service. The building will offer a number of complementary uses such as areas for informal small group business and casual meetups, and an evening lounge. Construction began in August 2020 and is expected to complete in late 2021.
The project’s lead sponsor is ASH NYC, Inc. ASH NYC designs residential buildings, private residences, restaurants and hotels, merging the worlds of interior design and property development, while embracing related opportunities to design products, furniture, brands, and experiences.
“We are thrilled to be moving forward with this project and look forward to becoming an asset to the Baltimore community,” said Jen Webber, Director of Development at ASH NYC. “Twain and our other financial partners were critical to bringing this deal to fruition.”
Twain Financial Partners is an investment management firm located in St. Louis, Missouri with over $4 billion in assets under management within the public-private partnership sector. The firm works with a wide variety of investment types, specializing in tax credit, structured debt and real estate transactions. Twain works closely with financial institutions, corporations and high-net-worth individuals to structure and manage investments that offer both attractive economic return and social benefits.
“Twain Financial is excited to announce the closing of C-PACE Financing and HTC Equity on the historic Latrobe Building,” said Nick Maglasang, Business Development Officer at Twain Financial. “The successful funding of a hospitality asset in the current environment is a testament to ASH NYC’s development expertise and resilience. Twain looks forward to the opportunity to partner with ASH NYC on future projects.”
ASH NYC is a multidisciplinary real estate design and development firm based in New York City. ASH develops hotels, residential and mixed-use properties around the country and currently operates hotels in Providence, Detroit and New Orleans.
Photo courtesy of ASH NYC.