Baltimore Luxury Community Nabs Refi Loan
- Jul 08, 2019
A partnership between developer Mark Sapperstein and Kinsley Equities has received a 12-year Fannie Mae conventional multifamily loan to refinance Porter Street Apartments, a luxury community in Baltimore. Hunt Real Estate Capital arranged the loan, which has a 30-year amortization schedule, in concert with David Strouse of Birchwood Capital Partners.
The 223-unit, Class A property is located at 1401 Porter St. Developed in 2017, the LEED Silver-certified building consists of one contiguous structure rising both seven and five stories in height. The community offers 57 studios, 107 one-bedroom and 59 two-bedroom units, as well as a 600-space parking garage and electric vehicle charging stations.
The property managed by Greystar Management is 95.5 percent occupied, according to Yardi Matrix data. The asset adds to the McHenry Row mixed-use development that originally opened in 2012 in the Locust Point area. Anchored by a Harris Teeter fresh market, the retail and residential scheme is located south of downtown Baltimore and the waterfront Inner Harbor promenade.
Anthem House, a $100 million, 292-unit community, opened its doors in the Locust Point neighborhood in 2017. Joint venture partners Bozzuto Group, War Horse Cities and Solstice Partners completed Anthem House II in the following year, bringing 52 units across the street.