University of Maryland, Baltimore spent more than $2.9M to cover losses at student apartment building downtown

The University of Maryland, Baltimore needed to spend more than $2.9 million to cover losses at a downtown apartment building as vacancies rose and revenue plummeted during the pandemic. The University Suites at Fayette Square apartment project is a 337-bed complex at 518 W. Fayette St. intended for students at UMB, which includes the university’s medical, nursing, pharmacy and law schools. The Maryland Economic Development Corp. financed its construction, issuing $34.4 million of bonds in 2003.