Baltimore Apartments Win Permanent Financing

Two apartment properties in Baltimore have obtained $77.9 million in permanent financing. The loans of $63.3 million and $14.6 million were structured with 15-year, fully amortizing terms at rates of about 3.25 percent. CBRE’s Washington DC office arranged the loans, which are through the Fannie Mae DUS program.

Baltimore—Two apartment properties in Baltimore have obtained $77.9 million in permanent financing. The loans of $63.3 million and $14.6 million were structured with 15-year, fully amortizing terms at rates of about 3.25 percent. CBRE’s Washington DC office arranged the loans, which are through the Fannie Mae DUS program.

Both properties are part of the Harbor East submarket, site of the Harbor East mixed-use development, and near a section of the Waterfront Promenade. The area is home to a number of Balitmore’s newest hotel properties, such as the 256-room Four Seasons, as well as a mixture of retail and residential properties.

One of the properties is Spinnaker Bay, a 315-unit high-rise multifamily community at 707 South President St. Built in 2005, it consists of three towers containing 11, 14 and 18 stories with 41,000 square feet of ground-floor retail.

The other property, the Promenade at Harbor East, is at 1001 Aliceanna St. and contains 113 units in 13 stories. The building was renovated in 2011. Both properties offer access to structured parking.

H&S Properties Development Corp., the developer of the properties, recently split into two companies. One of the successor entities will continue to focus on development, while the other will specialize in managing properties in Harbor East.