Washington, D.C.- based developer and investor Madison Marquette has closed a $125 million construction loan for One Light Street, a 800,000-square-foot mixed-use development in downtown Baltimore, Maryland. Natixis is the lead arranger on the loan, which also includes M&T Bank and CIT as participants.
“Downtown Baltimore is undergoing major urban renewal, from renovations of older buildings by local real estate investors to billion dollar development projects by direct users like universities and corporations,” said Greg Murphy, the head of Natixis Real Estate Finance Americas, in prepared remarks. “One Light Street will further add to downtown’s revitalization.”
One Light Street is a 780,940-square-foot, 28-story Class A office, multifamily and retail development. Six of the property’s nine floors of office space—or 155,000 square feet—is pre-leased to M&T, which will move its regional headquarters to the building from 25 South Charles Street and 111 Calvert Street in late 2018. M&T has signed a 15-year lease with two five-year renewal options and will also open a branch in the building’s ground floor, according to an announcement from the bank today.
“M&T’s commitment to Baltimore begins downtown, in the heart of the city—a great place to live and work and a great place to do business,” said Augie Chiasera, the president of M&T Bank’s Greater Baltimore region.
In addition to the office space, the development will also include 280 luxury apartment units across 10 floors, and 646 parking spaces.
“The closing of our construction financing for this trophy addition to Baltimore’s downtown core ensures that this world-class project will serve as a model for future growth and vitality in one of America’s most beloved port cities,” said Amer Hammour, the chairman of Madison Marquette, in prepared remarks. “We are delighted that One Light Street will become the first major ground-up mixed-use tower with a full array of residential, office, retail and parking amenities to serve this core Baltimore neighborhood in decades.”