About Our Office

The Baltimore office is a key contributor to an annual commercial real estate financing production volume of $13 billion and a loan servicing portfolio of $50 billion. With more than 40 years of experience in the Baltimore markets, we can arrange debt and equity for any type of commercial property through our unmatched network of correspondent lenders and capital partners. Call our local office to learn more.

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Joseph Burke awarded 2019 Top Financial Deal of the Year by Mid Atlantic Real Estate Journal

Joseph Burke, executive vice president/senior managing director of NorthMarq’s Baltimore office, received the Mid Atlantic Real Estate Journal accolade of 2019 Top Financial Deal of the Year. Burke arranged financing of $129 million for an industrial portfolio located in the Baltimore MSA. NorthMarq arranged the permanent-fixed loan for the borrower through its relationship with a life insurance company.

The annual “Best Of” awards highlights a company’s largest developments, major financial transactions, largest office, retail and industrial transactions, in addition to the most unusual architectural and construction projects.

The awards were limited to transactions completed in New Jersey, Pennsylvania, Delaware, Maryland, Virginia and Washington, D.C.

Check out the award.

Joseph Burke arranged a $129,000,000 permanent-fixed loan for a portfolio of industrial properties (office warehouse) located in the Baltimore, Maryland MSA.

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Donna Trout celebrates 40 years with the company

Donna Trout in our Baltimore office is celebrating 40 years with the company this week. Congrats and thanks for being part of our team, Donna!

Congratulations, Donna Trout! 40-year NorthMarq anniversary
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Insight on the state of the capital markets from the MBA CREF/Multifamily Convention and Expo

NorthMarq’s Baltimore team, together with over 100 additional NorthMarq employees from 36 offices across the U.S. attended the Mortgage Bankers Association’s National Commercial Real Estate/Multifamily Finance Conference in San Diego during the week of February 11, 2019.

The Conference attracted over 3,000 attendees for the purpose of networking, relationship building and deal making. Capital providers including life insurance companies, pension funds, CMBS shops, Fannie, Freddie, FHA, banks, mortgage REITs, debt funds, private equity firms and others were well represented allowing NorthMarq to provide clients Equity and Debt capital for nearly every form of real estate at every stage in the development process. NorthMarq represents more CRE capital sources in the Mid Atlantic than any other intermediary.

The market sentiment for commercial real estate investing remains very optimistic. Most capital sources want to deploy an equal or greater amount of dollars compared with 2018. Some additional takeaways:

  • Lenders have prepared for different scenarios given the current economic and political climate. In late January 2019, Fed Chairman Powell signaled a pause in the Fed strategy to increase short term interest rates. This should provide borrowers with another opportunity to take advantage of low rates in the first half of 2019.
  • Life insurance company lenders have become more flexible in response to market demands in an effort to deploy more capital into CRE. Many life companies now offer their own mezzanine funds behind the first mortgage enabling them to offer leverage up to 85 percent LTV. Life companies now offer terms from floating rate deals with very flexible structures to as long as 40 years with a 40 year amortization.
  • The volatility in the bond market during November and December caused spreads to widen over where they were for much of 2018. With the volatility down and the Fed guidance on rate moves, life company spreads have come down to 140 bps or lower for moderate leverage (60-65 percent) deals. Best spread heard at the conference: a sub 100 bps spread over the 10 year UST (secured by a multifamily asset with an LTV under 50 percent)!
  • Life companies trying to differentiate themselves from the pack now offer more liberal terms, prepayment flexibility, the option to forward rate lock for longer periods, and limiting carve-outs to borrower entity only.
  • While banks still dominate construction lending, life companies and debt funds now offer alternatives which may work better for borrowers. A number of life companies now offer conventional construction loans plus construction/perm loans of 12 years and longer allowing the borrower to lock rate in the beginning of the development and completely eliminate the interest rate risk. Debt funds actively chasing construction loans have caused spreads to compress and can offer deals up to 85-90 percent LTC on a non-recourse basis allowing them to win business from traditional bank sources.
  • CMBS lenders want to lend more but have had difficulty finding deals. Total volume for 2018 finished around $80 billion, down from 2017’s total of nearly $88 billion with the consensus for 2019 volume closer to $70 billion. Most CMBS deals in 2018 included substantial or full term IO structures providing better cash flow and correspondingly higher equity returns. To increase volume, CMBS will have to offer higher LTV options for borrowers to offset the negative aspects of the loan documents and particularly the loan servicing.
  • Other capital sources providing fuel to the lending market are the GSEs, represented by Freddie Mac, Fannie Mae, and FHA. Fannie and Freddie loan volume hit all-time highs in 2018. NorthMarq represents both agencies and often sees intense competition between these two behemoths to try and top the other on pricing and other loan terms in a determination to win the deal. Both have lowered spreads in the past two weeks.
  • Money for bridge lending and mezzanine financing from life companies, private equity firms, mortgage REITs and debt funds is more available now than at any time in the past. CMA is now tracking over 150 lending sources who invested $10 million or more in bridge loans in 2018. For high quality, larger “bridge light” transactions, yields have fallen to as low as 250-300 over LIBOR.

In summary, the abundance of capital sources creates a very competitive landscape for an unprecedented number of property types and asset life cycles. Given compressed spreads and lower deal volumes in the market, borrowers with conventional loan opportunities should see strong interest from multiple lenders. Borrowers with more “story” deals will find capital sources more willing than ever to find a structure that makes sense for parties on both sides of the transaction.

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Nancy Ferrell recognized in Real Estate Forum’s Women of Influence

Nancy Ferrell, senior vice president/managing director of NorthMarq’s Baltimore office was recognized in in the Women of Influence Feature in Real Estate Forum. For a quarter of a century, REForum has published the Women of Influence Feature as a way to highlight women making inroads in the industry.

Learn more about what set Nancy apart in her nomination responses below:

Why should this person be selected as a 2018 Woman of Influence? What makes this nominee stand out from her counterparts?
Ed Padilla, CEO: “It is my pleasure to nominate Nancy Ferrell, who has 32 years in the industry. She started at a point in time when women were rare in the commercial real estate industry. Nancy has been a trailblazer, where setting the standard and exceeding expectations have always been a core part of her character. Never shy to stake her claim, and confident in her abilities, we are lucky to have her in our firm.

Like so many others inside and outside of our firm, when Nancy calls, I am always available. I know that she has the company’s interests and reputation in her heart. In the world of priorities, NorthMarq Capital follows closely behind family.

Always smiling, always asking about others and their families, first to say thanks, she will always put a smile on your face. Nancy’s long standing clients speak highly of her, her competitors never say a bad word about her and her associates follow her example.”

In what ways has this nominee left her mark on the industry? Why is she worthy of this recognition?
Ed Padilla, CEO: “We are honored to work with Nancy every day. She leads by example and is a dedicated service provider. You will never meet a kinder person that combines a caring personality with a competitive spirit. She is gifted in combining the “hate to lose” personality with a professional style and absolute top ethical base. She will be the first to shake your hand whether you have won or lost. First class in every respect, we are proud to nominate her for this award.”

What are the nominee’s current responsibilities?
As senior vice president/managing director, Nancy is responsible for the generation of commercial mortgage debt and equity placement along with the development of lender and commercial product sources. Manager responsibilities include managing annual loan production, seven employees, preparing annual budgets, overseeing the office loan production, Baltimore office servicing portfolio, 300 annual property inspections, hiring and mentoring personnel.

Please list the nominee’s greatest professional accomplishments in past 12 months.

Significant transactions, deal volume, projects, awards or recognitions

  • Total Financing Volume (07162017 – 07162018) of $205,625,000
  • Recognized as a 2017 Rainmaker of the Year (Real Estate Forum)
  • Recognized as #3 Top Mortgage broker by Mid-Atlantic Real Estate Journal

What is the nominee’s membership/activity in business, career-oriented, charitable or civic-minded organizations?
Member of NAIOP, CREW, ULI. Bryn Mawr School 2008-present: Current Trustee and Board Member, Officer, Chair Buildings and Grounds Committee, Finance Committee Member,  Executive Committee Member.

Past board member and past board president for the House of Ruth Maryland 1997-2008; Served as co-Commissioner and coach for Towsontowne Girls Lacrosse Rec Council program 2004-2009; formally created and co-chaired the NAIOP-MD Community Service Committee 2005-2008. Served on NorthMarq Servicing and Production Committees.

In what unique ways are women impacting the CRE industry?
From beginning my career in 1979 in banking and then moving to CRE Finance in 1986, I chose from the start to be on the income producing side of the industry. Seriously, I was the lone female producer in my company for what seemed an eternity. In the end, you just put your head down and do your job.  If I needed to bring in a male cohort to help win the business, I was happy to do so. Eventually the client would realize I could place their financing efficiently and professionally.

The strides women have made in CRE over the last 15 years are amazing. The unique ways women are impacting our profession is truly eye opening. Most exciting is to see so many women as primary leaders in the industry as owners, principals, managers, architects, builders, interior designers, bankers, contractors, suppliers, leasing agents, brokers, financiers, etc. Women contribute and run organizations such as CREW, NAIOP and ULI as well as local community non-profits. When attending any event today and in most organizations, the number of men and women in the room has equalized. It makes me proud to see the changes in our industry. In retrospect, I am glad I hung in there all those early years because I do love financing commercial real estate!

What’s your take on the current state of CRE and its performance?
One cannot argue that the CRE industry has “been on a roll” for many years now. Some of the new legislation and reasonable lending practices by financial institutions have extended the lucrative CRE environment. Developers as well as the financial firms have greatly benefited from a strong economy as well as the new products in CRE to meet current demand. Leading the way are Fannie and Freddie and not to be forgotten, HUD, The GSE’s have been huge contributors to multi-family housing as well as student housing across our country, financing north of 50 percent of all financing available to multi-family. Life insurance companies also have had their share of success financing all types of multi-family as well as office, industrial and retail deals. At this point in time, all is well in both the residential and commercial world. Enhancing the current state of CRE is continued construction that is giving some investors pause but still office, retail and apartments are not showing excessive overbuilding in most markets.

We know “all good things must come to an end” in the historical cyclical industry of CRE. However, it feels like a pause might come versus the crashes we have seen in our past. Although it does not feel imminent, a change in policy for the GSE’s could affect the market overnight leading to rising Treasury bond rates. The future in CRE will include changes in product type and user needs, such as autonomous vehicles and movement in lifestyles in the next generation, but the bottom line is dirt and buildings will always be part of our country’s landscape.

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Congratulations to David Link and Nancy Ferrell for being recognized as REForum’s 2018 Rainmakers!

Nancy Ferrell, senior vice president/managing director of NorthMarq Capital’s Baltimore office and David Link, senior vice president/managing director of NorthMarq Capital’s Denver office, were recognized in the May edition of Real Estate Forum’s annual Rainmakers feature. This is the fourth consecutive year that a NorthMarq producer has been featured in the Rainmaker listing, with this year being the first in which two company leaders have been chosen.

See the Rainmaker Award for David and Nancy!

Collectively, the 30 finalists completed nearly 2,000 originations last year, accounting for more than $37 billion in debt and equity financing volume.

To earn the title of Rainmaker, each submission received a score for two fields—the total number of transactions and the total volume of all transactions. The final score was based on the sum of the two fields, with the dollar volume serving as the tiebreaker. All transaction were completed between January 1, 2017, and December 31, 2017, and Real Estate Forum verified the authenticity of the submitted deal information.

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Nancy Ferrell recognized in MAREJ’s “The Top Mortgage Brokers of 2017”

Every year, Mid Atlantic Real Estate Journal celebrates the “best of the best” from around the commercial real estate industry. From the largest transactions, to the most innovative financing, the annual section gives a glimpse at the industry’s top movers and shakers.

This year, Nancy Ferrell, senior vice president/managing director of NorthMarq Capital’s Baltimore office, secured the No. 3 position in “The Top Mortgage Brokers of 2017.” Only properties/offices located in New Jersey, Pennsylvania, Delaware, Maryland, Virginia and Washington, D.C. could qualify. To earn her position, Nancy was ranked in regards to her total sales in 2017.

Click here to see the award.

TopMortgageBroker_NFerrell_TW

Originally appeared in MAREJ

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Insight on the state of the capital markets from the Mortgage Bankers Association CREF/Multifamily Convention and Expo

Baltimore’s NorthMarq Capital Team recently returned from the Mortgage Bankers Association’s Commercial Real Estate/Multifamily Finance Conference in San Diego. The Baltimore office joined more than 100 NorthMarq team members from across the U.S. supporting their National production platform.

The Conference attracted over 3,000 attendees for the purpose of networking, relationship building and deal making. Capital sources including life insurance companies, pension funds, CMBS shops, Fannie, Freddie, FHA, banks, debt funds and others were well represented providing us access to many types of capital on behalf of our clients. NorthMarq represents more CRE capital sources in the Mid Atlantic than any other intermediary.

The market sentiment for commercial real estate investing remains very optimistic. Most capital sources want to deploy an equal or greater amount of dollars compared with 2017. Market participants were nearly unanimous in the opinion that rates will rise throughout 2018 and the smart money will lock sooner rather than later.  Some additional takeaways:

  • Lenders are preparing for all possible scenarios given the current economic and political climate. Strong job and economic growth have lead the Federal Reserve to increase rates and reduce its balance sheet.
  • Life Insurance company lenders desire moderate leveraged, higher-quality, mortgage loans. The lack of portfolio refinance opportunities will cause all lenders to chase deals they may have passed on during times of higher deal volumes.
  • As lenders chase quality loans, spreads have compressed significantly in recent months. Life company spreads now routinely under 130 bps for moderate leverage (60-65%) deals. Best spread heard at the conference, 87 bps over the 10 yr UST for a 45% LTV deal on trophy apartments in a gateway market!
  • CMBS lenders are very active in the market at lower spreads after a very good second half of 2017. CMBS bonds are in high demand and the lower deal volume has caused originators to be more aggressive-all good for borrowers. CMBS shops have figured out risk retention and 75% leverage is readily available. CMBS volume was $98 billion in 2017.
  • The market for commercial property sales has slowed. More and more market participants believe prices have peaked nationally and in the Mid Atlantic.
  • Other capital sources providing fuel to the lending market are the GSEs, represented by Freddie Mac, Fannie Mae, and FHA. They are the most active multifamily lenders in the country, but they too have a continued measured approach to lending.
  • Regional banks and credit unions have tightened underwriting due to new regulations and economic concerns. They will take more risk generally because of their recourse requirements.
    Due to tightening underwriting standards and regulator demands, construction lending by banks will less available and require greater equity from the borrower. This dynamic has caused a number of life companies and debt funds to fill the construction lending void in 2018.
  • Lenders trying to differentiate themselves from the pack now offer more liberal terms, prepayment flexibility, the option to forward rate lock to get the deal off the street, and limiting carve-outs to borrower entity only.
  • Money for bridge lending and mezzanine financing from private equity firms and debt funds is more available now than at any time in the recent past. Investors continue to chase yield.
  • Given compressed spreads and lower deal volumes in the market, borrowers with good loan opportunities should get strong interest from multiple lenders.  Lenders are also more willing to add structure to slightly less attractive or more complex deals in order to deploy more capital in 2018.
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Brett Bowman named NorthMarq Capital’s 2016 Analyst of the Year

MINNEAPOLIS (November 3, 2016) – Brett Bowman has been named the 2016 Analyst of the Year for his work as a senior investment analyst in NorthMarq Capital’s Baltimore office. The award was presented by NorthMarq President William Ross at the company’s Analyst Conference in October. The award is presented to an individual who consistently provides timely, quality service that contributes to the long-term success of the company, displays integrity and fairness, and is respected among coworkers and clients.

Bowman was nominated for the award by his team as well as clients. They cited his strong work ethic, analytical skills, forward-thinking nature, and his ability to resolve a wide a variety of challenges. He manages the office’s annual property inspections and has been lauded by property owners and tenants for his efficiency and professionalism.

“Perhaps Brett’s most important and rewarding trait is his complete and total dedication to the team we have assembled in Baltimore and to NorthMarq Capital,” said Joseph Burke, executive vice president and managing director of the Baltimore office. “He is always willing to chip in and help any way he can, including not only on inspections and underwriting but also in searching out ways to help us operate more efficiently and, most importantly, constantly finding ways to mine for new financing opportunities.”

Bowman has been with NorthMarq for 10 years. Prior to joining the company, he was an account manager at All-Star Group.

About NorthMarq Capital
NorthMarq Capital, the largest privately held commercial real estate financial intermediary in the U.S., provides debt, equity and commercial loan servicing through its 36 offices across the U.S. The company has built long-term relationships with life companies, CMBS platforms and local, regional and national banks and has a long track record of multi-family loan origination through Freddie Mac Program Plus™, the Fannie Mae DUS program and through FHA, resulting in nearly $13 billion in annual production volume and a loan portfolio of more than $47 billion. For more information please visit northmarqcap.wpengine.com.

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