CBRE Announces Refinancing of Two Multifamily Properties in Baltimore for a Total of $84 Million

25 Jan 2022

Promenade

CBRE has arranged financing for two multifamily properties in Baltimore totaling $84 million, including a $68.5 million loan for Spinnaker Bay and a $15.5 million loan for The Promenade at Harbor East in Baltimore.

Paul Ahmed and Mackenzie Lampman with CBRE Capital Markets arranged the 10-year fixed-rate loans on behalf of ownership, Baltimore-based H&S Properties Development Corporation, the developer of Baltimore’s Harbor East neighborhood.

Located in the Uber Luxury district of Harbor East known for the best-in-class commercial, residential, retail, hotels and high-end restaurants in Baltimore – on the waterfront of Baltimore’s world famous Harbor, Spinnaker Bay is a 19-story, waterfront mixed-use property with 315 apartment units and 41,000 square feet of ground floor retail.

The Promenade is a 12-story property with 113 apartment units.

“We began working on this financing during the height of the pandemic when downtown areas were dramatically impacted. As the market improved and fundamentals strengthened, we were able to lock rate with a life insurance company prior to the recent run up in treasuries,” said CBRE’s Ahmed.

Lampman added, “Residents of Spinnaker Bay and The Promenade at Harbor East benefit from the properties’ superior amenities and irreplaceable location with nearby access to several demand drivers including Downtown Baltimore, John Hopkins, and over two million square feet of office in the immediate vicinity.”
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.