Baltimore Industrial Asset Lands $16M Re-Fi
- Nov 16, 2015
By Ioana Neamt, Associate Editor
Eastern Union Funding of New York City has secured a $16.7 million refinancing loan for a 680,000-square-foot industrial building located at 1954 Halethorpe Farms Road in Baltimore, Md.
Working on behalf of owner Blue Ocean Realty, Eastern Union President Ira Zlotowitz and Senior Managing Director Mer Kessner placed the non-recourse, 10-year CMBS loan with Natixis. The loan features 4 years interest only, covers 75 percent of the asset’s value, and also refinances a bridge loan previously funded by Thorofare Capital.
Blue Ocean Realty recently acquired the industrial facility from Halethorpe Business Trust at an undisclosed price back in July 2015, as previously reported by Commercial Property Executive. The facility was fully leased to seven tenants at the time of sale, including Halethorpe Extrusions—a subsidiary of international aluminum company Alcoa, ReDirect Recycling, Poole & Kent and Wollenweber’s Trucking and Warehousing, according to The Baltimore Sun.
“We faced some environmental issues leftover from the previous owner which made the due diligence process an extremely structured process,” said Zlotowitz in a statement. “At the end of the day we located the right aggressive lender, had a client with an excellent track record, and brought all the moving parts together.”
Photo courtesy of Mackenzie Commercial