Maryland

Meridian Capital Arranges $13.6M Financing for Two Hotels in Aberdeen

by John Nelson April 22, 2015

ABERDEEN, MD. — Meridian Capital Group has arranged $13.6 million in bridge and construction financing for two hotels in Aberdeen, roughly 32 miles north of Baltimore via I-95. The borrower, Cross Roads Hospitality, will use the financing to reposition an existing property at 793 W. Bel Air Ave. as an 80-room LaQuinta Inn & Suites hotel and construct a new 98-room Hampton hotel. Tal Bar-Or, Beau Williams and Judah Neuman of Meridian Capital Group’s New York City office arranged the two-year bridge and construction loan through a national bridge lender. The loan features interest-only payments for the full term.

April 22, 2015

Loans Maryland Retail Southeast

Cronheim Arranges $52.7M Loan for THE AVENUE at White Marsh

by John Nelson April 17, 2015

BALTIMORE — Cronheim Mortgage Corp. has arranged $52.7 million in financing for THE AVENUE at White Marsh, a 298,000-square-foot main street lifestyle center in Baltimore’s White Marsh community. Constructed in 1997, THE AVENUE’s tenant roster includes a 16-screen AMC Theatre with an IMAX screen, Ulta Beauty, Chico’s, Old Navy, Starbucks, A.C. Moore, Staples, Carter’s, Famous Footwear and Pier 1 Imports. Andrew Stewart and Dev Morris of Cronheim arranged the seven-year, interest-only loan with a fixed interest rate of 3.35 percent on behalf of the borrower, Federal Realty Investment Trust.

April 17, 2015

Maryland Multifamily Southeast

MAC Realty Advisors Raises $22M in JV Equity for Metro Baltimore Apartment Community

by John Nelson April 7, 2015

LINTHICUM, MD. — MAC Realty Advisors LLC has placed approximately $22 million in joint venture equity for the development of Alexan Concorde Circle, a 310-unit apartment community in Linthicum, roughly 10 miles south of Baltimore. The 11.4-acre site is located off of Nursery Road and is one mile from the Baltimore Washington International Thurgood Marshall Airport, Amtrak and MARC stations. MAC placed the equity through an unnamed private equity real estate fund on behalf of the developer, Trammell Crow Residential. Trammell Crow will break ground on the project in the second quarter and will deliver the first units in the third quarter of 2016.

April 7, 2015

Industrial Maryland Southeast

Transwestern Brokers Sale of Two Industrial Assets in Maryland Totaling $23.9M

by John Nelson March 26, 2015

FREDERICK, MD. — Transwestern has brokered the sale of two industrial properties in Frederick totaling $23.9 million on behalf of the seller, Ruppert Properties. Cabot Properties purchased Stanford Trading Center, a four-building, 175,380-square-foot industrial campus, for $15.9 million. Flying Dog Brewery purchased The Brewery Building, a 46,200-square-foot asset located at 4607 Wedgewood Blvd., for $8 million. Flying Dog is the sole occupant of The Brewery Building. Transwestern’s Mark Glagola and Robert Filley, who is now with Marcus & Millichap, brokered the transaction. Bill Meissner of Ruppert Properties worked with the Transwestern team to facilitate the transaction.

March 26, 2015

Maryland Office Southeast

COPT Acquires 24-Story Office Building in Baltimore for $63.5M

by John Nelson March 23, 2015

BALTIMORE — Corporate Office Properties Trust (COPT) has acquired a 24-story office building located at 250 W. Pratt St. in Baltimore’s Pratt Street Corridor for $63.5 million. The 368,200-square-foot property was approximately 95 percent leased at the time of sale to tenants such as Pandora, University of Maryland Faculty, University of Maryland Medical Systems and GSA-U.S. Probation and Parole Office. The office building has direct access to I-95 and sits caddy-corner to Oriole Park at Camden Yards. As of Dec. 31, 2014, COPT’s portfolio consisted of 173 office properties totaling 16.8 million square feet.

March 23, 2015

Maryland Multifamily Southeast

CBRE Brokers $71.8M Sale of Apartment Community in Metro D.C.

by John Nelson March 9, 2015

BOWIE, MD. — CBRE has brokered the sale of Meridian at Bowie, a 384-unit multifamily community in Bowie, a Maryland suburb of Washington, D.C. Friedkin Realty Group purchased the apartment community from an undisclosed seller for $71.8 million. Bill Roohan, Mike Muldowney, Andy Boyer, Brian Margerum, Michael Rudolph, Jonathan Greenberg and Martha Hastings of CBRE’s multifamily investment properties team in Washington, D.C., represented the seller in the transaction.

March 9, 2015

999 Corporate Boulevard Linthicum Maryland

Maryland Office Southeast

DTZ Brokers $6.5M Sale of Class A Office Building in Baltimore-Washington Corridor

by John Nelson March 6, 2015

LINTHICUM, MD. — DTZ has brokered the $6.5 million sale of a Class A office building located at 999 Corporate Blvd. within the Airport Square Business Park in Linthicum, a city in the Baltimore-Washington Corridor. Heritage Properties purchased the 67,384-square-foot property from LNR Partners LLC. Jonathan Carpenter, Nicole Keelty and Graham Savage of DTZ’s capital markets team in Baltimore represented LNR in the transaction.

March 6, 2015

Loans Maryland Mixed-Use Southeast

Cronheim Mortgage Secures $16.2M Loan for Mixed-Use Property in Maryland

by John Nelson March 5, 2015

ELKTON, MD. — Cronheim Mortgage has secured a $16.2 million loan for a mixed-use property located on East Pulaski Highway in Elkton, a town near the Maryland-Delaware border. The property includes a 78,800-square-foot medical office building converted from a former Walmart, a 5,000-square-foot build-to-suit urgent care center and an Olive Garden pad site. David Turley and Janet Proscia of Cronheim Mortgage structured the 10-year loan with a 30-year amortization schedule on behalf of the borrower. The funding retired existing debt on the property and enabled the owner to recover equity.

March 5, 2015

Kensington Park Maryland Seniors Housing

Loans Maryland Seniors Housing Southeast

Prudential Mortgage Capital Provides $41M to Refinance Seniors Housing Facility in Maryland

by John Nelson February 27, 2015

KENSINGTON, MD. — Prudential Mortgage Capital Co., the commercial mortgage lending business of Prudential Financial Inc. (NYSE: PRU), has provided a $41 million loan to Fountain Square Properties to refinance Kensington Park, a Class A independent, assisted and memory care community located in Kensington. Tom Goodsite and Trace Wilson of Prudential Mortgage Capital were the leads on the transaction. The loan was originated through Freddie Mac’s Senior Housing program. The property consists of 61 independent living units, 52 assisted living units and 51 memory care units and is situated on more than eight acres, just north of the I- 495 Beltway in Montgomery County. Kensington Park is managed by an affiliate of its owner, Fountain Square Properties.

February 27, 2015

Industrial Maryland Southeast

Terreno Realty Corp. Buys 115,000 SF Distribution Center in Maryland for $10.4M

by John Nelson February 24, 2015

ANNAPOLIS JUNCTION, MD. — Terreno Realty Corp. has purchased a 115,000-square-foot distribution center in Annapolis Junction for approximately $10.4 million. The industrial property is located at 9070 Junction Drive approximately three miles from Fort Meade in the central Baltimore/Washington corridor. The property consists of 25 dock-high loading bays and five grade-level loading positions. The building is currently 38 percent leased to two tenants.

February 24, 2015

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