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Berkadia Arranges $73M Sale of Two Baltimore MF Assets
Berkadia has completed the sale of 1901 South Charles, a two-property, LEED Gold-certified residential community consisting of 345 units and commercial space located in the South Baltimore section of Baltimore, Maryland.
FPA Multifamily acquired the properties for $73 million, with an existing HUD loan assumption. Senior Managing Directors Drew White and Brian Crivella; Managing Directors Carter Wood, Bill Gribbin and Yalda Ghamarian; and Director Cole Carns of Berkadia DC Metro and Berkadia Richmond represented the seller, Benefit Street Partners.
Built in 2012 and 2015, The Lofts, located at 1901 South Charles Street, features 193 units. The Flats, located at 2 East Wells Street, has 152 units, and both buildings are 16-story buildings located across the street from each other.
The properties were approximately 95% occupied at the time of sale. “The Lofts and The Flats feature iconic American design and command an exceptional, irreplaceable location close to Baltimore Peninsula, a historic $5.5 billion public-private partnership that is transforming the South Baltimore waterfront into a vibrant live-work-play community,” said White.
