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Marcus & Millichap sells and finances Baltimore office complex for $6.94M
The transaction includes $6.84 million in financing with a 10-year term, 6.5% blended interest rate, and 25-year amortization.
Marcus & Millichap has completed the sale and financing of a two-building office complex at 1520 S. Caton Ave. in Baltimore, Maryland, according to ConnectCRE.
The property sold for $6.94 million. Marcus & Millichap Capital Corporation secured $6.84 million in financing to support the deal, with the loan structured as a 10-year term and a blended interest rate of 6.5%, plus a 25-year amortization period.
The buyer is a regional aviation services company that plans to partner with a local nonprofit trade school to convert the building into an aviation mechanic training school. Marcus & Millichap said the financing package also includes future funding for tenant-specific renovations.
ConnectCRE reports that Bryn Merrey and John Faus facilitated the transaction on behalf of the seller and buyer, while Jared Cassidy secured the financing on behalf of the buyer.