Hudson Realty Capital has funded a $12.5 million bridge loan, which is secured by and industrial building in a suburb of Baltimore, M.D.
The property is 689,000 square feet and sits on 34-acres. Tenants there include a manufacturing company, mechanical contractor and a logistics company.
“Like many owners of class B and class C assets in the nation’s middle markets, this sponsor needed a competitively priced, non-recourse bridge loan to stabilize the property for the longer term,” said Geoffrey Smith, a Hudson managing director. “Hudson is helping fill the lending void in primary and secondary markets for storied properties that are poised for a rebound and sustained growth.”
The rebound and growth that Mr. Smith mentioned is evidenced in Cassidy Turley’s Industrial Market Snapshot for the Second Quarter of 2012. It showed continued demand over the quarter for the asset class in the greater Baltimore area. This industrial property sits in Arbutus, just south of Baltimore with easy access to Interstate 95 and the Port of Baltimore.
While Cassidy Turley projected new industrial construction will remain low, demand has pushed the vacancy rate for industrial down two percentage points since the end of 2010, to 12.06 percent for warehouse properties.