Bethesda, MD, October 28, 2019 –
Phillips Realty Capital’s Mark Remington is proud to have worked with Madison Marquette and Bridge Investment Group on the $185 million recapitalization of One Light Street. Located in the heart of downtown Baltimore, One Light Street is a new trophy mixed-use high rise featuring luxury residential apartments, Class A office space, garage parking and ground floor retail. Madison Marquette recently issued a press release which can be read in its entirety on PR Newswire or below.
Madison Marquette, a leading private real estate investment manager, service provider, developer and operator, announced today that it has structured $185 million financing through Bridge Investment Group to recapitalize One Light Street, a new trophy mixed-use high-rise in downtown Baltimore. The 28-story mixed-use tower features luxury residential apartments, Class A office space with M&T bank as the lead tenant and 5,000 square feet of ground floor retail. Madison Marquette is the developer of the property.
“We are delighted to see downtown Baltimore attracting continued investment confidence,” said Peter Cole, Chief Development/Asset Management Officer, Madison Marquette. “This recapitalization is a solid endorsement of the live-work-play dynamic that One Light Street offers along with its extraordinary location in the heart of the city’s original Business District.”
“One Light Street’s success is compelling proof that Baltimore’s harbor city attributes continue to be magnets for new development,” said Jay Haberman, Managing Director, Bridge Investment Group. “This unique tower combines location, amenities and 21st century excitement within walking distance of Baltimore’s world class harbor and Camden Yards. Its popularity speaks to Baltimore’s stature as one of America’s great cities to live and do business.”
One Light Street offers a dramatic glass curtain wall and nine floors of modern, virtually column-free office space topped by ten floors of 280 luxury apartments with sweeping views of the Inner Harbor and Baltimore skyline. The tower also includes ground floor retail and nine levels of garage parking, located just two blocks from Baltimore’s Inner Harbor. The building earned a LEED Silver designation for new construction and offers a full complement of best-in-class amenities — including a gym, yoga studio, dog park, common space with indoor and outdoor kitchens, a pool, and sun deck. While the apartments are attracting a broad and diverse demographic – from young professionals to empty nesters, M&T Bank occupies 155,000 square feet on six floors for its Mid-Atlantic headquarters.
Peter Cole and George Kelly led the recapitalization efforts for Madison Marquette. Jay Haberman represented the lender, Bridge Investment Group in this transaction. Phillips Realty Capital’s Mark Remington served as advisor in the recapitalization.
About Madison Marquette
Madison Marquette is a leading private real estate investment manager, service provider, developer and operator headquartered in Washington, D.C. As a full-service real estate provider, the company delivers integrated investment, development, leasing and management services to a diverse portfolio of 330 assets in 20 states and manages an investment portfolio valued at over $6 billion. The company partners with global, institutional and private investors to provide industry-leading investment and advisory services across asset classes — including mixed-use, retail, office, medical, industrial, senior living and multi-family. Founded in 1992, the company built its reputation on the successful development, repositioning and redevelopment of landmark mixed-use assets, and now leverages that performance legacy to provide clients with exceptional asset services and investment advice. Madison Marquette has over 620 professionals providing nationwide service from 14 regional markets and is a member of the Capital Guidance group of companies.
About Bridge Investment Group
Bridge Investment Group is a privately-held real estate investment management firm with $16 billion in assets under management. Bridge combines its 2,700-person, nationwide operating platform with specialized teams of investment professionals focused on select U.S. real estate verticals, which Bridge believes offer above-market opportunity: multifamily, office, seniors housing, affordable housing, opportunity zones, and debt strategies.