Hunt Real Estate Capital announced today it provided a Fannie Mae conventional multifamily loan to refinance an apartment property located in Baltimore, Maryland.
The loan features a 12-year term with a 30-year amortization schedule. The borrower is a partnership between Mark Sapperstein and Kinsley Equities.
Porter Street Apartments is a 223-unit, Class-A luxury apartment community located at 1401 Porter Street. The property has a 600 parking space garage. Porter Street consists of one contiguous structure that is both seven- and five-stories in height. The unit mix consists of 57 studios, 107 one-bedroom, and 59 two-bedroom apartments.
“Porter Street Apartments is located in the McHenry Row Development of Baltimore,” noted John Hurley, Vice President at Hunt Real Estate Capital. “The property is an addition to the original McHenry Row site that opened in 2012, now a well-established mixed-use project with Harris Teeter as an anchor tenant.”
“The borrower is a seasoned local investor that developed the property in 2017,” added Hurley. “Mr. Sapperstein master planned the McHenry Row section of Locust Point just south of the inner harbor and successfully constructed and stabilized the McHenry Row Apartments with the Shops at McHenry Row, blending living space and solid amenities. We were pleased to play a role in this deal to provide excellent quality multifamily housing to the residents of Baltimore.”
Located in the Baltimore MSA, The Porter Street Apartment is situated minutes from downtown and is easily accessible from several major thoroughfares. The property is located in Locust Point, an area just south of the main Inner Harbor that has undergone a large scale revitalization effort.
The Porter Street Apartments is also a LEED Silver Building. The developers are committed to sustainable, energy efficient properties in their building design. The site offers EV charging stations and is a Zipcar car sharing location.
The financing was arranged in concert with David Strouse of Birchwood Capital Partners, a boutique real estate investment banking firm based in Baltimore.