Baltimore-based commercial real estate firm MCF Capital closed on a financially troubled Light Street office building for $1.6 million last month, according to land records and the company that arranged the transaction.
The new owners, whose real estate portfolio includes the Knickerbocker building on East Lexington Street, intend to clean the 1910 building, replacing windows, repairing the elevator and renovating common areas to lure tenants back to the property, said Transwestern vice president Leo McDermott, who helped broker the sale and will be trying to lease the property.
The 45,000-square-foot, six-story structure, located at 22 Light Street, is 57 percent vacant, he said. There is a 7-Eleven and Victor Pascal Custom Tailors on the ground floor.
The deal was pushed by Triangle Capital, a New York-based investment group that purchased the note on a loan secured in part by the building and could have foreclosed, McDermott said. The previous owners were a corporate entity identified as 22 Light Street LLC. The MCF Capital company that bought the property April 28 is 22 LS LLC, according to land records.