Harbor Bankshares Corporation | Village Center at Stadium Place (i95…

SunTrust and Harbor Bankshares Provide $19.8M to Fund the Village Center Development

SunTrust Community Capital (STCC), a subsidiary of SunTrust Banks, Inc., and Harbor Bankshares Corporation, the parent company of The Harbor Bank of Maryland, announced today that they have provided $19.8 million of debt and equity to capitalize the Village Center at Stadium Place development in Baltimore. STCC provided $4.8 million of equity and $4 million in its own New Markets Tax Credit (NMTC) allocation. Harbor Bankshares contributed $11 million of its NMTC allocation. The project will be co-developed by GEDCO (Govans Ecumenical Development Corporation), a 501(c)(3) multi-service, community-based nonprofit organization, and Commercial Development & Investments, LLC (CDI).