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CBRE Fulfills $85M in Refinancing for Two Baltimore Multifamilies
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.
Spinnaker Bay is a 19-story, waterfront mixed-use property with 315 units and 41,000 square feet of retail. It is located in the Uber Luxury district of Harbor East along Baltimore’s harbor. The Promenade at Harbor East is a 12-story property with 113 units.
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.
“We began working on this financing during the height of the pandemic when downtown areas were dramatically impacted,” said CBRE’s Ahmed. “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.”
- ◦Financing
