FOR IMMEDIATE RELEASE   
Contact: Danielle Miller
(410) 494-4834     
dmiller@mackenziecommercial.com
December 6, 2006

MacKenzie Capital, LLC Arranges Joint Venture Equity for Redevelopment of 1920-era Grain Elevator Near Inner Harbor

Baltimore – MacKenzie Capital, LLC (MacKenzie Capital), the real estate financing arm of MacKenzie Commercial Real Estate Services, LLC, has arranged the joint venture equity financing for the redevelopment of a 1920-era grain elevator near Fort McHenry in the Locust Point community of Baltimore City, Maryland. 

Patrick Turner, president of Turner Development, and Christopher Pfaeffle, principal and founder of Baltimore-based Parameter, Inc., an architectural firm, have plans to transform an 83-year old grain elevator into a $128 million mixed-use development.  This is the first venture of its kind – transforming a grain elevator into residential units.  Twenty-four stories of condos will fill a 300-foot high tower.  A glass bridge will connect a parking garage with the residential facilities. A new 13-story building, wrapped around 12 silos, will house an additional 182 housing units.  When completed, the entire development will consist of 229 residential units, 25,000 square feet of retail space and structured parking. 
Locust Point is a peninsular neighborhood in South Baltimore, Maryland and is the home to Fort McHenry. Locust Point faces Baltimore's downtown with the Inner Harbor tourist complex on one side, Fort McHenry on another, and a new city marine terminal and Interstate 95 to the south. 

John M. Black, Senior Vice President with MacKenzie Capital, LLC stated, “It was a privilege to be involved in this unique project with the visionary development team comprised of Pat Turner and Parameter, Inc. and entrepreneurial institutional capital.”

Through their extensive network of debt and equity providers, MacKenzie Capital facilitates the financing of commercial real estate for owners and developers while meeting their capital needs and objectives at competitive market base pricing.   

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As one of the largest commercial real estate services firms in the State of Maryland, MacKenzie Commercial Real Estate Services, LLC has more than 120 employees throughout the MacKenzie affiliated companies. In addition to the firm’s broad spectrum of brokerage related services, MacKenzie can provide solutions to a full array of commercial real estate needs, including property and asset management, finance services, construction services and development. For more information, visit www.mackenziecommercial.com. 

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