New Baltimore Lender Takes on Hard-to-Finance Projects
PSG Lending Makes Redevelopment Possible In Station North
An aged apartment complex located in the Station North neighborhood of Baltimore is currently being fully remodeled thanks to local hard money lender, PSG Lending.
Located at the intersection of Guilford Ave. and E North Ave., the Boundary Square apartments are a short walk from Penn Station, Charles Station and the Maryland Institute College of Art.
The project is one long building stretching most of a city block with 67 units, many of which have remained vacant throughout the years.
Developer and owner Herbert Kerschbaumer purchased the distressed property in June 2016 and started renovating it right away. During renovations, he realized that the project required more time and money than his original financing could provide. After being turned down by several other lenders, Kerschbaumer found PSG Lending, a local hard money lender known for efficiency and speed during lending transactions.
“They understood the concept of our project so we were able to close in a timely manner,” says Kerschbaumer.
PSG Lending granted Herbert a $3.8 million loan, allowing him to pay off the original financing as well as provide enough money to complete the project. “This project is an exciting opportunity for PSG Lending to save an apartment building that may not have been completed by providing financing in just 30 days from the time of application,” says Paul Khazansky, Managing Director at PGS Lending.
“The Station North area is an up and coming art district that has been compared to New York’s Brooklyn borough, so we’re happy to contribute to its continued growth this way.”
PSG Lending focuses on making loans between $150,000 to $5,000,000 and its affiliates are involved in a multitude of development and construction projects across Maryland.
About PSG Lending – Since 2015, PSG Lending is a provider of short-term construction, renovation and bridge loans to borrowers who cannot obtain traditional sources of financing for their projects. PSG Lending was established by an experienced team of real estate professionals and provides time-sensitive interim and bridge financing using non-owner occupied residential and commercial real estate as collateral. To learn more about PSG Lending, please visit: psglending.com.