BlueStone Real Estate Capital Secures $48M Acquisition and Construction Loan for Iconic B&O Building in Baltimore, Maryland.PHILADELPHIA -- BlueStone bluestone, common name for the blue, crystalline heptahydrate of cupric sulfate called chalcanthite, a minor ore of copper. It also refers to a fine-grained, light to dark colored blue-gray sandstone. Real Estate Capital, a real estate investment bank, has secured a $48M acquisition and construction loan to acquire the B&O Building on North Charles Street Charles Street is the name of a north-south street in the city center of Boston, Massachusetts. It begins in the north at Leverett Circle, where it intersects Cambridge Street and Storrow Drive, and gives its name to the Charles/MGH station of the MBTA. in Baltimore and convert the property, which already includes office space, to also include a boutique hotel Boutique hotel is a term originating in North America to describe intimate, usually luxurious or quirky hotel environments. Boutique hotels differentiate themselves from larger chain/branded hotels and motels by providing personalized level accommodation and services / facilities. and signature restaurant. ARCWheeler Development & Hospicomm are the buyer and developer in this transaction and will perform extensive renovations. The 220,500 square foot, 13-story building was once one of the premier office buildings of Baltimore and the historic former headquarters the B&O Railroad. The impressive building includes granite from New Hampshire New Hampshire, one of the New England states of the NE United States. It is bordered by Massachusetts (S), Vermont, with the Connecticut R. forming the boundary (W), the Canadian province of Quebec (NW), and Maine and a short strip of the Atlantic Ocean (E). , bedford stone from Indiana, terra cotta cot·ta n. pl. cot·tae or cot·tas A short surplice. [Medieval Latin, of Germanic origin.] tile trim, and seven different kinds of marble imported from six countries representing four continents. In 2001 the City of Baltimore's Commission for Historical and Architectural Preservation and the Maryland Historical Trust designated the B&O Building one the city's ten most historically consequential con·se·quen·tial adj. 1. Following as an effect, result, or conclusion; consequent. 2. Having important consequences; significant: buildings. Once completed, the building will be comprised of 1/3 office space and 2/3 hotel and restaurant. The historic beauty of the exterior, first floor and central core will be refurbished but unaltered. "The B&O acquisition was interesting and challenging in that there were tax credits to consider in addition to the conversion into a hotel," said Andrew Benioff, managing partner at BlueStone Real Estate Capital. "However, we knew we were up to the challenge because of the deep development and renovation experience of the team ARCWheeler Development." "We are very excited about the future of this historic property and look forward to bringing a new, high-quality boutique hotel and gourmet restaurants into the city of Baltimore," said Hal Wheeler, Principal of ARCWheeler Development. "This was the first acquisition we secured with BlueStone and we look forward to working together again in the future." "This acquisition is a perfect example of BlueStone's ability to secure financing for complex, sophisticated deals," said Matthew McManus, Chairman of BlueStone Real Estate Capital. The loan to cost ratio for the four year loan is 80 percent, and can be extended at the option of the borrower with two 12 month extensions. About BlueStone Real Estate Capital BlueStone Real Estate Capital is a commercial real estate investment banking firm that secures innovative debt, mezzanine, equity and sponsor equity financing Equity Financing The act of raising money for company activities by selling common or preferred stock to individual or institutional investors. In return for the money paid, shareholders receive ownership interests in the corporation. for the nation's top-tier investors, operators, owners and developers. Leveraging its up to the minute market knowledge, credibility and relationships with highly regarded institutional financing sources, BlueStone specializes in closing complex deals for sophisticated clients. Recently, BlueStone was awarded the NJPA NJPA New Jersey Press Association Real Estate Journal's "Deal of the Year" for securing $70,800,000 in construction and permanent financing Permanent financing Long-term financing using either debt or equity. permanent financing The long-term financing that supports a long-term asset. for The Edge at Avenue North, the largest single-structure, state of the art student housing building in Pennsylvania. For more information please visit www.bluestonecap.com. |
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