Parkview Financial announced today it has provided a $45 million loan to an affiliate of Vivo Investments, LLC, an adaptive reuse industry leader (“Vivo”). Vivo acquired and will redevelop the two-tower hotel asset located in the heart of downtown Baltimore into 708 multifamily units. The vacant property was previously a dual-branded Radisson and Holiday Inn. Completion is anticipated for late 2024.
Situated on 1.66 acres, the property consists of two buildings – one 23 stories and the other 27 stories – totaling 448,516 square feet (sf), and includes 275 parking spaces. The property will be converted to 687 studio units each totaling between 300 and 350 sf; 12 one-bedroom units at approximately 700 square feet; eight two-bedroom units totaling approximately 1,025 sf; and one four-bedroom unit. It will also offer residents an amenity package consisting of gyms, yoga/mindfulness studios, an upgraded pool, convenience store, renovated lobby, outdoor BBQ areas, self-storage, and banquet/co-work-space.
“Parkview Financial is pleased to provide this loan to Vivo, who has successfully converted 21 low-demand hotels to apartment assets nationally,” said Paul Rahimian, CEO and Founder of Parkview Financial. “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.”
The property is in an ideal location just steps from Baltimore’s iconic Inner Harbor and all of its surrounding attractions including the Royal Farms arena – a major events center, and Camden Yards.
Vivo Living has named Baltimore, MD-based, Urban Design Group, as the project architect.
About Parkview Financial
Parkview Financial is a direct private lender specializing in ground up commercial and residential real estate financing. Through a private real estate debt fund, we provide short-term bridge and construction loans secured by first trust deeds to developers throughout the United States. Since launching the Fund in 2015, Parkview has successfully executed more than $4 billion in financing for multifamily, retail, office, industrial and mixed-use projects with executed loans ranging from $5 million to $300 million.
With offices in Los Angeles, New York, Denver and Atlanta, our firm has grown exponentially since it was founded in 2009 by Paul Rahimian, its CEO. Parkview has earned an unparalleled reputation within the commercial real estate industry as one of the most respected private construction lenders in the nation. This has been accomplished through our proven ability to provide fast, creative financing solutions to borrowers who need more leverage and certainty of execution. Fortified with an experienced team of in-house experts, Parkview is able to be nimble and creative even when it comes to some of the most challenging projects.