Initially developed in 2008, The Marshall Street Bakery building came online just prior to the market tipping during that summer.
Built behind what could at best be called a brick facade (think ‘brick wall about to fall over’), the project was important in that it (combined with the Emrick Flats across the street) brought back an amazing block just north of Broad Street in Jackson Ward. Offering a more complete and softened interior finish level than its uber-industrial Emrick Flats neighbor, The Bakery appealed to a clientele that sought to live Downtown but within a more traditional setting.
When the market turned, one of the first changes felt in the urban core was an almost complete disappearance of condominium mortgage finance. With no realistic mortgage products available, sales of all condominiums, especially those yet to reach their 50% pre-sale requirement, ground to a halt. At One South, we were able to secure mortgage financing via alternate sources and helped steward the project to above the minimum thresholds required by FHA, Fannie Mae and Freddie Mac. When we left the project in 2012, the MSBC was 20/23 residential units sold, 100% of the commercial space had been sold and the project was in compliance with all of the GSE’s for lending.
Overall, the MSBC was one of our best efforts in that we turned what was a very dangerous financial exposure for the developer to one where their pre-bust projections were not met, but the project did not result in a financial calamity for those involved. By constantly educating the developers, their lender and the market about how to get these financed, we were able to make a market where one did not exist. Getting the units sold was one of the hardest things we ever did and one of the most satisfying.
Built behind what could at best be called a brick facade (think ‘brick wall about to fall over’), the project was important in that it (combined with the Emrick Flats across the street) brought back an amazing block just north of Broad Street in Jackson Ward. Offering a more complete and softened interior finish level than its uber-industrial Emrick Flats neighbor, The Bakery appealed to a clientele that sought to live Downtown but within a more traditional setting.
When the market turned, one of the first changes felt in the urban core was an almost complete disappearance of condominium mortgage finance. With no realistic mortgage products available, sales of all condominiums, especially those yet to reach their 50% pre-sale requirement, ground to a halt. At One South, we were able to secure mortgage financing via alternate sources and helped steward the project to above the minimum thresholds required by FHA, Fannie Mae and Freddie Mac. When we left the project in 2012, the MSBC was 20/23 residential units sold, 100% of the commercial space had been sold and the project was in compliance with all of the GSE’s for lending.
