{"id":1004131492,"date":"2015-11-16T02:32:02","date_gmt":"2015-11-16T10:32:02","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004131492"},"modified":"2020-05-18T14:58:40","modified_gmt":"2020-05-18T22:58:40","slug":"baltimore-industrial-asset-lands-16m-re-fi","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/baltimore-industrial-asset-lands-16m-re-fi\/","title":{"rendered":"Baltimore Industrial Asset Lands $16M Re-Fi"},"content":{"rendered":"

By Ioana Neamt, Associate Editor<\/em><\/p>\n

\"1954<\/a>

1954 Halethorpe Farms Road<\/em><\/p><\/div>\n

Eastern Union Funding<\/a> of New York City has secured a $16.7 million refinancing loan for a 680,000-square-foot industrial building located at 1954 Halethorpe Farms Road in Baltimore, Md.<\/p>\n

Working on behalf of owner Blue Ocean Realty<\/a>, Eastern Union President Ira Zlotowitz and Senior Managing Director Mer Kessner placed the non-recourse, 10-year CMBS loan with Natixis<\/a>. The loan features 4 years interest only, covers 75 percent of the asset\u2019s value, and also refinances a bridge loan previously funded by Thorofare Capital<\/a>.<\/p>\n

Blue Ocean Realty recently acquired the industrial facility from Halethorpe Business Trust at an undisclosed price back in July 2015, as previously reported by Commercial Property Executive<\/a>. The facility was fully leased to seven tenants at the time of sale, including Halethorpe Extrusions\u2014a subsidiary of international aluminum company Alcoa, ReDirect Recycling, Poole & Kent and Wollenweber\u2019s Trucking and Warehousing, according to The Baltimore Sun<\/a>.<\/p>\n

\u201cWe faced some environmental issues leftover from the previous owner which made the due diligence process an extremely structured process,\u201d said Zlotowitz in a statement. \u201cAt the end of the day we located the right aggressive lender, had a client with an excellent track record, and brought all the moving parts together.\u201d<\/p>\n

Photo courtesy of <\/em>Mackenzie Commercial<\/em><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Eastern Union Funding secures refinancing loan for Baltimore industrial facility.<\/p>\n","protected":false},"author":192,"featured_media":1004131493,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1579,21825,21748,21742],"tags":[],"class_list":["post-1004131492","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-baltimore","category-finance","category-industrial","category-latest"],"acf":[],"yoast_head":"\nBaltimore Industrial Asset Lands $16M Re-Fi - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/baltimore-industrial-asset-lands-16m-re-fi\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Baltimore Industrial Asset Lands $16M Re-Fi\" \/>\n<meta property=\"og:description\" content=\"Eastern Union Funding secures refinancing loan for Baltimore industrial facility.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/baltimore-industrial-asset-lands-16m-re-fi\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2015-11-16T10:32:02+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-05-18T22:58:40+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/11\/1954-Halethorpe-Farms-Road.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"312\" \/>\n\t<meta property=\"og:image:height\" content=\"416\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Ioana Neamt\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/baltimore-industrial-asset-lands-16m-re-fi\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/baltimore-industrial-asset-lands-16m-re-fi\\\/\"},\"author\":{\"name\":\"Ioana Neamt\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/993af2799cdaf5162633d320cf63ff16\"},\"headline\":\"Baltimore Industrial Asset Lands $16M Re-Fi\",\"datePublished\":\"2015-11-16T10:32:02+00:00\",\"dateModified\":\"2020-05-18T22:58:40+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/baltimore-industrial-asset-lands-16m-re-fi\\\/\"},\"wordCount\":220,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/baltimore-industrial-asset-lands-16m-re-fi\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2015\\\/11\\\/1954-Halethorpe-Farms-Road.jpg\",\"articleSection\":[\"Baltimore\",\"Finance\",\"Industrial\",\"News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/baltimore-industrial-asset-lands-16m-re-fi\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/baltimore-industrial-asset-lands-16m-re-fi\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/baltimore-industrial-asset-lands-16m-re-fi\\\/\",\"name\":\"Baltimore Industrial Asset Lands $16M Re-Fi - 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