Dive Temporary:
- A restricted legal responsibility firm managed by Philadelphia-based PMC Property Group has defaulted on a $16.4 million mortgage to renovate a constructing at 301 N. Charles St., in line with The Baltimore Banner. The 11-story constructing was as soon as residence to the Baltimore Life Insurance coverage Co.
- PMC purchased the constructing in 2012 for $3.4 million. It borrowed $16.4 million in 2014 to renovate the property, in line with The Baltimore Banner. The Baltimore Enterprise Journal reviews that the renovation created 92 items.
- The ten-year mortgage, nonetheless owned by Fannie Mae, got here due final fall, earlier than the servicer foreclosed in December, in line with The Baltimore Banner. PMC nonetheless owed $13 million on the principal of the mortgage as of March.
Dive Perception:
PMC isn’t the one office-to-residential agency to face points with downtown Baltimore initiatives.
In March, CC 1400 Aliceanna Road LLC, an entity of Chasen Cos., filed for Chapter 11 reorganization chapter in U.S. chapter court docket in Maryland, in line with The Baltimore Banner. The Baltimore-based agency deliberate to transform the constructing within the Fells Level neighborhood right into a constructing with roughly 100 flats and retail area known as The Anne on Aliceanna. It was to be auctioned off, however the public sale was canceled, in line with Atlantic Auctions.
First Nationwide Financial institution of Pennsylvania had moved to foreclose on the property in 2024 after it stated Chasen had defaulted on a greater than $28 million mortgage. The undertaking has as many as 49 collectors and belongings and liabilities starting from about $10 million to $50 million, the paper reported.
As well as, Chasen Cos.’ One Calvert Plaza workplace tower conversion to flats went into default on a $34 million mortgage for the constructing in June 2024.
The property is being marketed on the market by Lanham, Maryland-based industrial actual property providers agency NAI Michael, with the conversion about 70% full, in line with a gross sales brochure shared with Multifamily Dive.
PMC, which owns 13 buildings in Baltimore, has a monitor report of office-to-residential conversions outdoors of Maryland.
In 2021, the agency bought the historic Wachovia Constructing in downtown Winston-Salem, North Carolina, which is now the Eight West Third flats, in line with the Winston-Salem Journal. Beforehand, it had transformed the previous headquarters of R.J. Reynolds Tobacco Co. to a multifamily residential constructing within the metropolis.
In 2000, PMC bought the 19-story Allegheny Constructing in Pittsburgh, changing it into the Allegheny Residences, in line with The Pittsburgh Submit Gazette.
Click on right here to enroll to obtain multifamily and condominium information like this text in your inbox each weekday.
Dive Temporary:
- A restricted legal responsibility firm managed by Philadelphia-based PMC Property Group has defaulted on a $16.4 million mortgage to renovate a constructing at 301 N. Charles St., in line with The Baltimore Banner. The 11-story constructing was as soon as residence to the Baltimore Life Insurance coverage Co.
- PMC purchased the constructing in 2012 for $3.4 million. It borrowed $16.4 million in 2014 to renovate the property, in line with The Baltimore Banner. The Baltimore Enterprise Journal reviews that the renovation created 92 items.
- The ten-year mortgage, nonetheless owned by Fannie Mae, got here due final fall, earlier than the servicer foreclosed in December, in line with The Baltimore Banner. PMC nonetheless owed $13 million on the principal of the mortgage as of March.
Dive Perception:
PMC isn’t the one office-to-residential agency to face points with downtown Baltimore initiatives.
In March, CC 1400 Aliceanna Road LLC, an entity of Chasen Cos., filed for Chapter 11 reorganization chapter in U.S. chapter court docket in Maryland, in line with The Baltimore Banner. The Baltimore-based agency deliberate to transform the constructing within the Fells Level neighborhood right into a constructing with roughly 100 flats and retail area known as The Anne on Aliceanna. It was to be auctioned off, however the public sale was canceled, in line with Atlantic Auctions.
First Nationwide Financial institution of Pennsylvania had moved to foreclose on the property in 2024 after it stated Chasen had defaulted on a greater than $28 million mortgage. The undertaking has as many as 49 collectors and belongings and liabilities starting from about $10 million to $50 million, the paper reported.
As well as, Chasen Cos.’ One Calvert Plaza workplace tower conversion to flats went into default on a $34 million mortgage for the constructing in June 2024.
The property is being marketed on the market by Lanham, Maryland-based industrial actual property providers agency NAI Michael, with the conversion about 70% full, in line with a gross sales brochure shared with Multifamily Dive.
PMC, which owns 13 buildings in Baltimore, has a monitor report of office-to-residential conversions outdoors of Maryland.
In 2021, the agency bought the historic Wachovia Constructing in downtown Winston-Salem, North Carolina, which is now the Eight West Third flats, in line with the Winston-Salem Journal. Beforehand, it had transformed the previous headquarters of R.J. Reynolds Tobacco Co. to a multifamily residential constructing within the metropolis.
In 2000, PMC bought the 19-story Allegheny Constructing in Pittsburgh, changing it into the Allegheny Residences, in line with The Pittsburgh Submit Gazette.
Click on right here to enroll to obtain multifamily and condominium information like this text in your inbox each weekday.
