H&S Properties Refinances 2 Assets in Baltimore
CBRE Capital Markets arranged the $84 million loan.
Spinnaker Bay. Image courtesy of H&S Properties Development
H&S Properties Development has obtained a $84 million loan to refinance Spinnaker Bay and The Promenade at Harbor East multifamily buildings in Baltimore. CBRE Capital Markets arranged the 10-year fixed-rate loan.
The 315-unit Spinnaker Bay, located at 707 President St., offers studio, one-, two- and three-bedroom units, averaging 830 square feet. The 19-story building was constructed in 2005. Unit amenities include a private balcony/patio in select apartments, a washer/dryer and microwave. Resident amenities include monitored security, controlled access, a fitness center, a business center, a clubhouse, a swimming pool and spa, with covered parking available. Spinnaker Bay features 41,000 square feet of ground-floor retail space.
READ ALSO: Baltimore Multifamily Report — Fall 2021
The 113-unit Promenade at Harbor East, located at 1001 Aliceanna St., offers efficiency, one-, two- and three-bedroom apartments, averaging 846 square feet. The 11-story building was constructed in 1997. Unit amenities include a private balcony/patio in select apartments, a washer/dryer and microwave. Resident amenities include controlled access, a fitness center, a business center, a clubhouse, a swimming pool and spa, with covered parking available.
Harbor East Neighborhood
Spinnaker Bay and Promenade at Harbor East are situated within Baltimore’s mixed-use Harbor East neighborhood, which was developed by H&S Properties along Baltimore Harbor. Harbor East comprises nearly 3 million square feet of office and retail space, two Marriott hotels, more than 990 residential units, and extensive streetside and structured parking, according to BCT Design Group.
Baltimore has 200 multifamily properties with 38,166 units within 5 miles of the intersection of Guilford Avenue and East Fayette Street, near Baltimore City Hall, according to Yardi Matrix. Developers have 17 properties with 3,054 units under construction and have planned 24 more properties with 5,313 units. There are 71 additional multifamily projects in the works that could add 15,082 units to the inventory.
Paul Ahmed and Mackenzie Lampman with CBRE Capital Markets arranged the loan for H&S. Spinnaker Bay was refinanced for $68.5 million and The Promenade at Harbor East for $15.5 million.
