Vivo Investments Gets $45M to Convert Dual-Branded Baltimore Hotel Into Apartments
Vivo Investments, a California-based adaptive reuse development company, has received a $45 million loan to acquire and convert a two-tower hotel in the heart of Downtown Baltimore to 708 multifamily units.
The company acquired the former dual-branded Radisson and Holiday Inn, located at 101 and 105 West Fayette Street, and will rebrand the property as Vivo Baltimore.
Parkview Financial provided the funding.
“This loan offered a great opportunity to make a big impact in a growing multifamily market with a leading sponsor in the hotel-to-apartment conversion space,” Alan Hiller, Parkview Financial’s vice president and senior underwriter, told Commercial Observer. “Parkview’s loan basis per unit is at an extremely attractive basis. Loan dollars are released based on achieved milestones that are accretive to value. The loan also allows for flexibility in the sponsorship business plan as unit styles and size can be varied based on market demand.”
Urban Design Group is serving as the development’s architect.
The 23- and 27-story buildings sit on 1.6 acres and will be converted to 687 studio units, each between 300 and 350 square feet; 12 one-bedroom units at approximately 700 square feet; eight two-bedroom units, each approximately 1,025 square feet; and one four-bedroom unit.
Amenities will include a gym, a yoga studio, a pool, a convenience store, self-storage, and event or coworking spaces.
“We believe that as renters get priced out of more expensive nearby cities, such as neighboring Washington D.C., this project will attract young renters looking for like-new but affordable units in a prime location of Downtown Baltimore,” Paul Rahimian, CEO and Founder of Parkview Financial, said in a prepared statement.
Vivo has converted 21 low-demand hotels to apartment assets nationally. Vivo Baltimore is slated to open in late 2024.
Keith Loria can be reached at Kloria@commercialobserver.com.