Citywide Properties Purchases 80,046-Square-Foot White Marsh Professional Center in Nottingham, MD
BETHESDA, Md., July 25, 2023 /PRNewswire/ — Marc Tropp, a senior managing director with Eastern Union, has arranged $8,850,000 in financing for Baltimore-based CityWide Properties toward its acquisition of the White Marsh Professional Center, an 80,046-square-foot office complex at 7923 Honeygo Boulevard in Nottingham, MD.
The purchase price for the property, situated about 15 miles northeast of Baltimore in Baltimore County’s White Marsh area, was $11.8 million.
Eastern Union, based in New York, is one of America’s largest providers of commercial mortgage brokerage and capital markets advisory services. Mr. Tropp, together with senior managing director David Merkin, oversee the firm’s Mid-Atlantic Region office in Bethesda, MD.
The 42-unit White Marsh Professional Center comprises three, two-story, multi-tenant office buildings along with 318 parking spaces. Situated on more than six acres of land, it was built in 1984, with improvements added in 1985 and 1988. The property, which houses both office and retail tenants, benefits from its location on the periphery of the White Marsh Mall as well as its proximity to Interstate 95.
Founded by Steve Verstandig in 2001, CityWide Properties is a real estate investment and management company that presently owns 81 properties in nine states. The company’s total portfolio represents more than 2.25 million square feet of space under ownership and management. CityWide Properties specializes in value-add assets that have been impacted by vacancies or mismanagement.
“In today’s credit environment, securing financing for office properties can often pose challenges,” said Mr. Tropp. “But when the transaction involves a well-located asset and an accomplished, reputable owner, banks will step forward.”
“The White Marsh market is one of the fastest-growing commercial markets in Baltimore,” said Mr. Verstandig, president of CityWide Properties. “New tenants include a medical spa, a dentist, and a counseling center. We’re planning major renovations at the property.”
Mr. Tropp secured a five-year mortgage with an interest rate fixed at 5.95 percent. The financing allows for one year of interest-only payments. With an amortization period of 25 years, the transaction carries a 75-percent loan-to-value ratio. The lender was not identified.
About Eastern Union
Founded in 2001, Eastern Union is a national commercial real estate firm that provides both financing services and capital markets advisory services. It employs more than 90 real estate professionals and closes billions of dollars’ worth of transactions annually. Eastern Union leverages its relationships with lenders and its marketplace knowledge to secure the best available rates and terms.
The company’s Mid-Atlantic Region office, led by Marc Tropp and David Merkin, is located in Bethesda, MD.
Eastern Union secures financing for transactions of all sizes across the United States. Transactions, which can include multi-state and multi-site portfolios, encompass conventional commercial mortgages, structured debt, healthcare, hospitality, manufactured home properties, single-family rentals, investment sales, and — handled in conjunction with company affiliate Eastern Equity Advisors — equity placement.
For more information, visit www.easternunion.com.
SOURCE Eastern Union