MIRA Properties Secures $15.75 Million Loan For Plaza Baltimore Multifamily Conversion In Maryland

The property asset involved is a multifamily development project situated at 1 South Calvert Street in Baltimore, MD. The project, named Plaza Baltimore, includes a total investment of $57 million, encompassing the rehabilitation and conversion of a former bank into a 16-story building that will feature 157 Class-A multifamily units and 8,162 square feet designated for ground-floor commercial space.

Summary of transaction details:

• Property Type: MultiFamily
• Transaction Amount: $15,750,000
• Lender: Shelah Wallace & Joseph Zanzuri - Bayview PACE
• Landlord: MIRA Properties
• Loan Type: Adaptive Reuse
• Loan Terms: 24 Months
• Date: 6/9/2026
• Market: Baltimore, MD

Key individuals involved in this transaction include Shelah Wallace, who is the Senior Vice President of Originations at Bayview PACE, and Joseph Zanzuri, both of whom facilitated the loan for this significant project. MIRA Properties, the project sponsor, has leased the converted buildings to Morgan State University for student housing purposes, showcasing the project's utility and strategic location near the Inner Harbor.