{"id":1004183421,"date":"2017-07-11T02:53:34","date_gmt":"2017-07-11T10:53:34","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004183421"},"modified":"2022-12-08T21:18:58","modified_gmt":"2022-12-09T05:18:58","slug":"new-hotel-coming-to-downtown-baltimore","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/new-hotel-coming-to-downtown-baltimore\/","title":{"rendered":"New Hotel Coming to Downtown Baltimore"},"content":{"rendered":"

By Bogdan Odagescu<\/em><\/p>\n

\"101<\/a>

101 N. Charles St. in downtown Baltimore<\/p><\/div>\n

Metropolis Capital Advisors has arranged a $10 million acquisition and renovation loan for 101 N. Charles St., a historic office building being redeveloped into a hotel\u00a0in downtown Baltimore. The 12-story, 68,967-square-foot property is slated to open under InterContinental\u2019s Candlewood Suites brand in 2018. The loan was provided at a 75 percent loan-to-cost ratio on an interest-only basis to carry the borrower through renovation and opening of the property.<\/p>\n

According to Baltimore City public records, 101 N. Charles St. traded in June 2017. The buyer, 101 N. Charles Hospitality LLC, shelled out $3.8 million. The limited liability company located at 2116 Emmorton Park Road in Edgewood, Md., shares an address with Sunset Hotel Group, a chain that operates several hotels, most of which are situated in Maryland. The seller of the downtown Baltimore building<\/a>\u00a0is an affiliate of Rialto Capital Management, a subsidiary of Lennar Corp.<\/p>\n

Managing Director Eric Hynek led the Metropolis team representing the borrower.<\/p>\n

A hotel long in the making<\/h2>\n

Constructed in 1884, the former Jefferson building changed hands in 2006 for $5.7 million, with the owner planning a 100-key Staybridge Suites, according to The Baltimore Sun<\/em>. The developer entered bankruptcy in 2010 and a Rialto affiliate organized the first foreclosure auction in 2011. Another Rialto affiliate acquired the asset in 2013 for $3 million, with the company looking to market the asset to potential hospitality developers.<\/p>\n

Image courtesy of JLL<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The historic property\u2014which recently traded for $3 million\u2014landed a $10 million acquisition and renovation loan. In the making since before the Recession, the project at 101 N. Charles St. is slated for completion in 2018.<\/p>\n","protected":false},"author":740,"featured_media":1004505976,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1579,21743,21782,21825,21751,21783,11,21742],"tags":[35337,34973,34912,33028],"class_list":["post-1004183421","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-baltimore","category-deals","category-development","category-finance","category-hotel","category-investment","category-midatlantic","category-latest","tag-candlewood-suites","tag-lennar-corporation","tag-metropolis-capital-advisors","tag-rialto-capital-management"],"acf":[],"yoast_head":"\nNew Hotel Coming to Downtown Baltimore - 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\/new-hotel-coming-to-downtown-baltimore\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"New Hotel Coming to Downtown Baltimore\" \/>\n<meta property=\"og:description\" content=\"The historic property\u2014which recently traded for $3 million\u2014landed a $10 million acquisition and renovation loan. 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