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Commercial Real Estate

Owners of Baltimore's Harborplace may be in danger of default on loan

Owners of Baltimore's Harborplace may be in danger of default on loan

The New York-based company that owns — and is upgrading — the Harborplace pavilions in the Inner Harbor is in danger of defaulting on its loan for the property, according to analysts at the real estate research firm TreppWire.

Ashkenazy Acquisition Corp. paid General Growth Properties $100 million in 2012 for the pavilions at Pratt and Light streets and now owes about $67 million to UBS-Barclays Commercial Mortgage Trust.

The buildings, constructed in the 1980s, have long struggled to find the right tenant mix to appeal to local residents and tourists, and the analysts said vacancies could be an issue for the loan.

A number of restaurants and stores have left in recent...

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