WASHINGTON, DC-H&S Properties Develop Corp. secured $38.5 million in permanent financing for a fully-leased asset here from a life insurance company. To be sure, the 222,578-square foot building, located at 1001 Fleet St., and anchored by Whole Foods Market, is a quality asset in Baltimore’s downtown waterfront. Still, though, the competition and terms that Cassidy Turley was able to arrange on behalf of the owner are noteworthy.
“We received quotes that we could have gotten if this building were located in a comparable neighborhood in Washington, DC, John Campanella, Cassidy Turley senior managing director tells GlobeSt.com. “This deal shows that great assets with good sponsors even in secondary markets can still get top financing.” But financing on par with assets in Washington, DC, perhaps the most favored location for life insurers? Apparently the answer to that is yes, for the moment.
However Campanella cautions against making apples to grapes comparisons. “Do I think an asset of lesser quality in Baltimore could get the same financing that a similar asset in DC would get? No,” he says. “A typical asset in Baltimore still might not price as efficiently as Washington.”
The gap, though, appears to be closing at the top tier of the markets. Other tenants in the property are Sylvan Learning and Old Mutual. The building is within walking distance of the city’s Central Business District, Little Italy, Fells Point and Harbor Point.
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