Oct
03
Goldman Sachs Joins $5.5B Baltimore Revitalization Project
ByThe financial company’s Urban Investment Group is contributing $233 million for the construction of Port Covington, a 235-acre master-planned development on the city’s waterfront. The commitment marks the fund’s largest single private equity investment ever.
Port Covington, a 235-acre master-planned development on the water’s edge in Baltimore, just got a big boost. Sagamore Development Co., the force behind the $5.5 billion undertaking, just announced that Goldman Sachs has come aboard as an equity investor, injecting $233 million into the project through its Urban Investment Group.
“The fact that such a major partner is joining us in redeveloping Port Covington speaks volumes,” Marc Weller, co-founder of Sagamore Development Co., said in a prepared statement. “We promised we’d bring in outside private institutional investors to Baltimore City and to Port Covington, and we have.”…
