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Marcus & Millichap Brokers Sale, Financing of Baltimore Office Complex
Marcus & Millichap completed the sale and financing of 1520 S. Caton Ave., a two-building office complex in Baltimore, Maryland.
The asset sold for $6.94 million. Marcus & Millichap Capital Corporation (MMCC) secured $6.84 million in financing. “The buyer, a regional aviation services company, intends to partner with a local nonprofit trade school to transform the property into a new aviation mechanic training school, giving the building a meaningful long-term use while addressing the industry’s need for qualified technicians,” said Bryn Merrey, senior managing director of investments in the firm’s Washington, D.C., office.
Merrey and John Faus of Marcus & Millichap facilitated the transaction on behalf of the seller and buyer. Jared Cassidy, senior director based in MMCC’s Washington, D.C. office, secured the financing on behalf of the buyer. The loan features a 10-year term, with a blended interest rate of 6.5%, and a 25-year amortization period. The financing also included future funding for tenant-specific renovations.
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