| Legg Mason Tower in H&S Properties' Harbor East has landed $180M in permanent financing—and the source of the funds is a word you're not allowed to say in church: CMBS |
| Yesterday, CBRE's Joe Donato told us the 24-story tower, the world HQ for both Legg Mason (occupying 60% of the 613k SF until 2024) and John Hopkins Carey School of Business, will be the largest loan in Morgan Stanley and Bank of America?s upcoming securitization. At over 10% of the pool, this loan will be the headline, he says. (Keep your eyes out for TMZ's take.) Why CMBS? Well, the 24-story tower may be everything a lender would want, but $180M is a lot for any lender in any market. And it's an extra lot of exposure for a single lender in this one. |
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