Metropolis Capital Advisors on behalf of their client, The Goldstar Group, is pleased to have secured a $5,000,000 loan for the acquisition of 1821 Portal Street, an 86,234 square foot industrial property located at the Port of Baltimore, one of the nation's healthiest and most-vibrant seaports.
1821 Portal Street is a port-reliant industrial asset designed with a combination of office and warehouse, and is 100% leased to two credit tenants. Johns Hopkins Bayview Medical Center occupies a two-story office component, leasing 23,650 square feet which they've occupied for over 20 years. Johns Hopkins has been ranked the best hospital in America by U.S. News and World Report and is the largest employer in the City of Baltimore. The remaining 73% of the property is primarily warehouse space with a small office component and is fully leased by one tenant, Bacchus Importers Ltd., a Mid-Atlantic wine and spirits distributor. Each tenant has been leasing at 1821 Portal Street for approximately 20 years.
The loan was provided by a regional bank on a 3-year term with an 18-month Interest Only period, 1 year extension option, and a 25-year amortization schedule.
While utilizing their extensive network of lenders and ensuring the Borrower's criteria is satisfied, MetCap was able to quickly and efficiently
expedite
the bidding and closing process in order to meet the acquisition deadline.
