If you’re looking to buy in the super-luxury market in Baltimore, you’re in luck – the Ritz-Carlton has avoided its debt crisis.
RXR Realty, the developer for the beautiful new Ritz-Carlton on the Inner Harbor, recently announced that it has secured a $176 million loan to refinance the project, as reported by the Baltimore Sun just yesterday. This step will allot RXR a three-year extension to market the many unsold units. In fact, only 23 of the 190 units have been sold since its opening (most famously to novelist Tom Clancy).
The Ritz-Carlton is set in arguably the most beautiful spot in Baltimore, on Key Highway over looking the Inner Harbor. Its stunning views of the skyline and convenient location compliment unparalleled style and luxury and the Ritz-Carlton five-star service.
Floor-plans include one, two, and three bedroom units, all of which have exquisite finishes and the finest accoutrements, from rich hardwood flooring to distinctive moldings. Ritz Carlton Baltimore provides residents ultimate luxury right in downtown Baltimore. The combination is simply incredible. Condos for sale range from the upper $600,000s to more than $5 million.
RXR’s refinancing holds several important implications for the city of Baltimore. The marketing of these units will attract higher-income taxpayers to alleviate the city’s financial burdens and the strain on the middle class. Furthermore, the fate of the Ritz is sure to inform development decisions concerning future luxury condominiums, adding weight to the outcome of the property.