On behalf of 101 N Charles Hospitality, LLC, Metropolis Capital Advisors is pleased to have arranged a $10 million loan on 101 N Charles Street in Baltimore, Maryland.
The property, a historic office conversion to hotel, is currently undergoing renovations with an estimated delivery of 2018. Situated in the heart of downtown Baltimore just blocks from the Inner Harbor,
this new Candlewood Suites will be a convenient and ideal location for tourists or business people visiting the thriving area.
The loan was provided at 75% LTC on an interest only basis to carry the borrower through renovation and opening of the property.
Renovation and construction financing for hotels has become sparse in the past year, even for the best projects and sponsors. This assignment required an extensive outreach into the market place to meet the needs of the borrower in terms of leverage and best interest rate. Despite the challenges in the marketplace, MetCap's finance team was able to procure a loan that met all the borrowers' needs for the project.
The Metropolis debt placement team representing the borrower was led by Managing Director, Eric Hynek.