Financing in Place for 800 KSF Baltimore Mixed-Use Tower
- Sep 11, 2017
The lending community is looking favorably upon One Light Street, a mixed-use project in downtown Baltimore. Developer Madison Marquette recently obtained $169 million in financing for the 800,000-square-foot building, which has been under construction since January 2017.
Natixis acted as lead arranger and administrative agent on a $125 million senior loan for One Light Street, the construction of which commenced in January 2017, with M&T Bank and CIT as participants. Additionally, with the assistance of commercial real estate and capital markets services HFF, Madison Marquette reeled in $44 million in bridge financing through Bridge Investment Group Holdings.
“The closing of our construction financing for this trophy addition to Baltimore’s downtown core ensures that this world-class project will serve as a model for future growth and vitality in one of America’s most beloved port cities,” Amer Hammour, chairman of Madison Marquette, said in a prepared statement.
Designed by AECOM, One Light Street will rise 28 stories at the corner of Light and Redwood Streets, topped by 10 floors featuring 280 luxury apartment units above nine floors of premier office space totaling 252,200 square feet, 155,000 square feet of which have been claimed by M&T Bank under a 15-year lease. “We congratulate Madison Marquette on securing the M&T Bank prelease and for having the conviction to begin construction with equity, prior to securing the full capital stack…that is what made this [bridge financing] transaction possible,” Mark Remington, managing director with HFF, said in prepared remarks.
One Light will also offer a nine-level, 645-space parking garage, as well as 5,000 square feet of ground-level retail space. Donohoe Construction is aboard as general contractor for the project, which is on schedule to deliver in December 2018.
Image courtesy of Madison Marquette