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Bisnow Exclusive: REFI IN B'MORE COUNTY

Bisnow Exclusive: REFI IN B'MORE COUNTY
For today's cloudy weather, here's a silver lining: in a deal brokered by Eastern Union Commercial and Capitol View Real Estate, a fractured condo project (part condos, part apartments) in Baltimore County announced today it received an $11.9M senior debt refi from New Jersey's Investors Savings Bank.
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Eastern Union's Marc Tropp worked on the deal with Eric Hynek and tells us it's a testament to the Baltimore rental market's stability: ?Two years ago, you would've never found a bank that would lend on this property type,? he says, and it's still difficult to get fractured condo debt in most US cities. He says it also shows banks are comfortable doing deals here again. ?For the past several years, out of state banks would not lend in Baltimore,? preferring DC. Marc says the deal allows the borrower (a partnership including USP Development and RMS & Associates) to continue selling condos while benefiting from terms usually seen in Class-A apartment deals, like a seven-year fixed rate. Windsor Crest was purchased by the USP-RMS partnership in 2005 as a condo conversion; Marc tells us it's about one-third sold. Capitol View principal Craig London says it's a unique transaction because not many debt deals have been able to balance tight underwriting and deposit standards with an owner's need to keep selling units.