HFF announces $44M mezzanine financing for best-in-class mixed-use development in downtown Baltimore
WASHINGTON, D.C. – September 7, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announces $44 million in mezzanine financing for the development of 1 Light Street, a 28-story, luxury mixed-use tower in downtown Baltimore, Maryland.
The HFF team worked on behalf of the borrower, Madison Marquette, to secure the mezzanine loan through Bridge Investment Group Holdings.
Currently under construction, 1 Light Street will feature 280 luxury residential units, 252,243 square feet of modern office space, over 5,000 square feet of ground floor retail and a 646-space, nine-level parking garage. The 10 floors of residential units will begin on the 18th floor and will have best-in-class finishes including 9’ ceilings and a glass curtain wall as well as access to a rooftop infinity edge pool, a resident lounge, game room, fitness center and a pet spa. Units will be offered in studio through two-bedroom/den layouts. The nine floors of office space beginning on the 9th floor is 66 percent pre-leased to M&T Bank, who will also lease a portion of the retail space. Situated two blocks from Baltimore’s Inner Harbor, 1 Light Street is conveniently located within walking distance to Harborplace, The Gallery, Power Plant, Power Plant Live!, Camden Yards and M&T Bank Stadium. Additionally, the property is close to multiple metro stations and bus stops and has immediate access to the Jones Fall Expressway (Interstate 83) and Interstate 395/95 providing access to Baltimore-Washington International Airport and Washington, D.C.
The HFF debt placement team representing the borrower included managing director Mark Remington, director Brian Crivella and associate Drake Greer.
“This represents a significant win for our client and investment by Bridge, but more importantly, we congratulate Madison Marquette on securing the M&T Bank pre-lease and for having the conviction to begin construction with equity, prior to securing the full capital stack…that is what made this transaction possible,” said Remington.
About Madison Marquette
Madison Marquette is a private, fully integrated real estate investment management and operating company providing a comprehensive set of services to institutional investors in retail, mixed-use and office assets in top-tier markets across the United States. Since the firm’s inception in 1992, Madison Marquette has worked with a premiere group of partners and clients to define and execute accretive plans to successfully achieve investment objectives. Madison Marquette has been recognized as a thought-leader and innovator in the real estate industry – with a keen ability to identify trends impacting real estate investments and to strategically incorporate these trends into the firm’s investment, planning, development, asset management, leasing and operating strategies.
HFF and its affiliates operate out of 24 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment sales, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. Holliday Fenoglio Fowler, L.P., HFF Real Estate Limited (collectively, “HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). For more information please visit hfflp.com or follow HFF on Twitter @HFF.