Baltimore Tower Lands $185M Recap

Bridge Investment Group secured one of the largest loans in the market for the 28-story property in the city’s business district.

By Adriana Marinescu (as appearing in Commercial Property Executive)

Madison Marquette has received a $185 million financing to recapitalize One Light Street, a Class A 800,000-square-foot mixed-use high-rise in Baltimore. Bridge Investment Group secured the loan, one of the largest in the market. The developer broke ground on the 28-story building in January 2017 and secured $169 million in construction financing from two lenders in September 2017. Bridge Investment also participated at the time with a $44 million bridge loan.

Madison Marquette Chief Development/Asset Management Officer Peter Cole and Senior Vice President George Kelly negotiated on behalf of the borrower, while Bridge Investment Group Managing Director Jay Haberman represented the lender in the transaction. Phillips Realty Capital Principal Mark Remington served as advisor in the deal.

CLASS A BUILDING AND LOCATION

Completed in 2019, One Light Street features 5,000 square feet of ground floor retail, 252,200 square feet of office space across nine floors and 280 luxury residences across the building’s topmost 10 floors. Designed by AECOM to receive LEED Silver certification, the tower also has nine levels of above- and below-grade parking totaling 645 spaces.

According to Yardi Matrix data, the building’s residential component features a mix of studios, one- and two-bedroom floorplans averaging 691 square feet. Communal amenities include a business center, fitness center and pool with sun deck, as well as several electric charging stations. M&T Bank is an anchor tenant at the property with a 15-year, 155,000-square-foot lease.

Located at 1 Light St. in the city’s original business district, the mixed-use tower rises two blocks southwest of Baltimore City Hall and three blocks north of the National Aquarium. The 2.7-acre property is less than one mile west of Interstate 83, within an area filled with hotels, restaurants, parks and shopping venues.

 

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