M id A tlantic Real Estate Journal — Financial — May 2025 — 15
www.marej.com
F inancial Swerdlow and Dzbanek led the team that secured the non-recourse loan for The Sason Org. Ariel Property Advisors arranges $3.1 Million in construction financing for Baltimore, MD prop erty
ALTIMORE, MD — Ariel Property Advi- sors (Ariel) announced its Capital Services Group has arranged $3.1 million in construction financing for the redevelopment of 900 S Wolfe St., a 31,000 s/f, three-story flex building in Baltimore. An Ariel team led by se- nior directors Matthew Swerdlow and Matthew Dzbanek negotiated the non- recourse loan, which features a 24-month term and interest- only payments. The team arranged the loan on behalf of The Sason Or- ganization . Sason’s vision Octagon Finance provides $68M for major Richmond office-to-residential conversion B
encompasses the creation of dynamic operating envi- ronments that meet specific community demands. This project exemplifies that ap - proach, bringing to life an urban wellness collective. The financing will support The Sason Organization’s transformation of the Balti- more property into an urban wellness destination operated by Timbre , a wellness col- lective of carefully curated operator partners providing an innovative mix of nutrition, fitness, wellness and lifestyle modalities along with a space
to work and connect. The property will also feature parking as well as a 10,000 s/f event and cater- ing space on the third floor, designed to host up to 1,000 guests, ideal for retreats, trainings, team meetings, and wellness-focused events. Located in one of Baltimore’s most iconic and walkable neighborhoods, the site ben- efits from Fells Point’s his - toric charm and waterfront proximity, making it an ideal backdrop for Timbre’s health and wellness vision. MAREJ
900 S Wolfe St.
Flexible Capital Solutions for Commercial Real Estate Projects ACCOMPLISH MORE
Altitude on Main
RICHMOND, VA — Octa- gon Finance has provided a $68,000,000 Unitranche loan to support the construction of Altitude on Main, a trans- formative 302-unit, 17-story mixed-use development in the heart of downtown Richmond. The project is developed by Nick Patel with Kalyan Hospitality and Steven Walker with RPC Capi- tal . This exciting project will revitalize a historic office building at 801 East Main St., converting it into a modern, multifamily complex that will blend rich history with contemporary living. The $68 million loan included significant Historic Tax Credits which can be used for conver- sion projects of this type. The developer, a seasoned historic rehabilitation expert, has crafted a project that is both visionary and rooted in the community’s rich history. The new development will feature 8,500 s/f of ground floor retail space and 366 parking spaces, including a three-level subsurface garage and adja- cent parking deck. MAREJ
Stephen Arrivello sarrivello@pace-equity.com
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