Arctaris is pleased to announce an equity investment in a $30 million opportunity zone hotel-to-residential conversion opportunity in downtown Baltimore. Arctaris Impact’s investment will be used to convert a formerly abandoned hotel into a vibrant 303-unit multifamily development, addressing the city’s pressing housing shortage. The transaction marks Arctaris Impact’s fifth investment in Baltimore.
You can read more about the transaction here.
Opportunity Zones have already invested over $100 billion in struggling communities, creating vibrant urban areas and new job opportunities. Now is the time to expand and make this initiative permanent. By expanding the program, Opportunity Zones have the potential to generate even greater economic growth and provide more benefits to underserved areas. Arctaris Managing Partner, Jonathan Tower, and Steve Glickman, co-founder and former CEO of the Economic Innovation Group, propose several ways to grow and enhance the already effective and impactful program.
Let’s make Opportunity Zones a lasting solution for America’s most neglected communities.
You can read the full whitepaper, originally published by Governing Magazine, here
Saddleback Mountain and Arctaris Impact Investors have just released Saddleback’s first
Impact Report, and the results are impressive – on par with the legendary ski experience that
has earned its recognition as Maine’s favorite mountain for three years in a row and also SKI
Magazine’s #4 best resort in all of North America.
Over the past four years, Arctaris Impact Investors has invested over $42M in Saddleback
Mountain, breathing new life into the mountain and helping revitalize the surrounding
communities in Western Maine.
This investment has fueled significant positive activity, including:
The Saddleback Mountain Impact Report highlights the Mountain’s progress to date since its re-
opening in 2020 and highlights the importance of the ongoing sustainability of this economic,
recreational, and cultural asset.
This success story is a testament to the power of partnership. Arctaris Impact Investors, the
Finance Authority of Maine, foundation partners, and the Rangeley community have come
together to make a real difference in Western Maine.
►View the Saddleback Impact Report Here
BALTIMORE–(BUSINESS WIRE) — One July 25, 2024, Arctaris Impact CDE closed a New Markets Tax Credit (NMTC) transaction with Fearless Talent, LLC (dba Fearless Guides), a division of Fearless, a minority-owned company located in a Baltimore census tract with a 26.4%1 poverty rate. The NMTC financing will be directed to working capital that will create 50 jobs, all of which will pay above a living wage and be accessible to those without a college degree. The working capital will also enhance the community impacts provided by their business accelerator program, Hutch.
Arctaris Impact Investors and RDC will rehabilitate the facility for a new tenant, County Executive Innamorato to provide funding to support tenant improvements. Click here to read more.
BOSTON–(BUSINESS WIRE)–Arctaris Impact Fund, LP (“Fund”), the flagship debt fund of Arctaris Impact Investors, LLC (“Arctaris”), has obtained a new $10 million warehouse line of credit (LOC) with KeyBank Community Development Lending and Investment (CDLI) through its Community Development Financial Institutions (CDFI) Group.
BALTIMORE & BOSTON–(BUSINESS WIRE)–Arctaris Impact Investors, LLC (“Arctaris”) is pleased to announce a follow-on growth equity investment in Up To Date Laundry (“UTD”). One of the largest healthcare laundry facilities on the East Coast, UTD provides laundry services to healthcare providers across the mid-Atlantic, including University of Maryland Medical System, Johns Hopkins, and Einstein Medical Center. The investment in UTD is part of the Arctaris Baltimore Program, a $25 million commitment to invest in Baltimore’s underserved neighborhoods, created in partnership with The Abell Foundation and Neighborhood Impact Investment Fund (NIIF) and with support from Erie Insurance (ERIE) through its investment in the Arctaris Opportunity Zone Funds.
BOSTON–(BUSINESS WIRE)–Arctaris Impact CDE, LLC was awarded $30M of New Markets Tax Credit Allocation (NMTC) by U.S. Treasury’s Community Development Financial Institution Fund to deploy capital into economically distressed communities and businesses. Arctaris will use its NMTC allocation to make flexible loans to minority-owned or controlled companies and other borrowers across real estate or operating businesses in the country.
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