JLL Capital Markets arranges $65.7M refi. for trophy office building in Baltimore, MD

Baltimore, MD — JLL Capital Markets announced that it has arranged a $65.7 million refinancing for Thames Street Wharf, a trophy office building totaling 263,426 s/f in Baltimore.

JLL arranged a five-year loan on behalf of the borrower, AH Realty Trust, formerly known as Armada Hoffler Properties. Armada Hoffler Properties rebranded to AH Realty Trust in March 2026, alongside a strategic shift to focus on retail and office portfolios.

Built in 2010, Thames Street Wharf is a LEED Gold-certified, eight-story tower featuring an exterior glass curtain wall and floor-to-ceiling windows that offer views of Baltimore’s Inner Harbor and surrounding areas. The property is 98.8% leased and is anchored by Morgan Stanley, who occupies 92% of the rentable square footage.

Thames Street Wharf is positioned on a 1.27-acre waterfront site and was the first property to be built within Harbor Point, a mixed-use development of a former industrial brownfield. When fully built out, Harbor Point will feature 4.5 million s/f of office, retail, multifamily and hospitality uses alongside 9.5 acres of green space.

Baltimore’s office market is going through a generational transformation from a traditional, office-centric central business district to newly developed mixed-use environments like Harbor Point. As such, the Baltimore Southeast submarket, which Thames Street Wharf is a part of, has seen the majority of the office absorption since 2023 and with no new assets under construction, should continue to benefit from the flight-to-quality and mixed-use movement.

JLL’s Capital Markets Debt Advisory team representing the borrower was led by senior managing director Scott Aiese and director Alex Staikos.

“The debt markets in 2026 are open and active across most lender types and asset classes, including office,” said Aiese. “This transaction generated strong lender interest due to the exceptional quality of the asset and AH Realty Trust’s solid track record as a borrower.”

Continuing its financing momentum, JLL Capital Markets has arranged $35.1 million in construction financing for Benchmark at East Brunswick, an 87-unit / 100-bed assisted living and memory care community planned for East Brunswick. NJ.

The financing was arranged on behalf of a joint venture between National Development, a real estate investment development and management firm, and an affiliate of Benchmark Senior Living, a leading senior living provider in the Northeast.

JLL secured financing from a regional bank offering competitive proceeds, pricing and structure, reflecting renewed lender interest in seniors housing construction.