2115 Saint Paul Street Apartments

2115 Saint Paul Street was purchased by a Baltimore developer who completed a gut renovation to transform the single family row house into a 4 unit apartment building. This asset helped fill rental demand in the Old Goucher market and was well located near food, drug and bank amenities along with employment and education centers (Johns Hopkins University).  

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The owner proved his business plan through the successful ownership and management of several local multifamily assets. Archway conducted the necessary financial and physical due diligence to assess the strengths of the project and made an 18 month interest only loan to the developer. The project was completed on time and within budget. After a refinancing event based on the new value and cash flow, Archway received its principal and annualized return back as underwritten. 

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Units: 4

Asset Type: Multifamily

Hold Period: 18 months 

Ave. Annual Cash on Equity Return: 10%

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Role: Archway Financed.

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