Maryland industrial is concentrated across Baltimore, Suburban Maryland (Montgomery County, Prince George's County), Annapolis, and the Eastern Shore. Maryland is anchored by federal government and contractor employment (NIH, FDA, NSA at Fort Meade, NASA Goddard), Johns Hopkins University and Johns Hopkins Medicine, the broader Baltimore healthcare and education base, and the Port of Baltimore (currently in active recovery post-Francis Scott Key Bridge collapse, 2024); Suburban Maryland office and biotech employment is one of the deeper national life-sciences clusters (the I-270 corridor through Rockville, Gaithersburg, and Frederick) . Baltimore-Washington corridor industrial, Port of Baltimore-driven cargo industrial, and the broader I-95 / I-895 distribution base draws institutional life-company and CMBS competition.
Active capital sources
- Life Companies
- CMBS Lenders
- Maryland Regional Banks
- National Debt Funds
Loan programs we place
- Bulk Distribution Perm Debt
- Last-Mile Industrial Acquisition
- Build-to-Suit Construction-to-Perm
- Industrial Refinance / Recapitalization
Source notes
- BLS QCEW, 2025
Frequently asked questions
What LTV is realistic on stabilized Baltimore industrial?
Stabilized institutional bulk distribution and last-mile product typically clears 60% to 70% LTV through life companies and CMBS; debt yields of 8.5% to 10.0% effectively size most highly leveraged executions . Single-tenant credit-tenant net-leased product with long WALT can stretch into the 65% to 75% range on the back of underlying tenant credit.
Do you finance cold storage and specialty industrial in Maryland?
Yes. Cold storage, food-and-beverage processing, and aerospace-supplier industrial each draw specialty lender pools with distinct underwriting standards. The specialty industrial debt funds active on cold-chain and food-grade product treat large-format institutional cold storage as a primary asset class, and life-company correspondent shops with food-and-beverage industrial expertise quote stabilized institutional product on competitive terms.
What is Maryland's transfer tax structure for commercial industrial?
Maryland imposes a state real estate transfer tax of 0.50% of consideration plus a state recordation tax of $5.00 to $7.00 per $500 of debt depending on county. Local jurisdictions impose additional transfer and recordation taxes (Baltimore City: 1.50% transfer plus $5.00 per $500 recordation; Montgomery County: 1.00% transfer plus $4.45 per $500 recordation). Combined transfer-side burden on a typical $10-25M Maryland commercial transaction with debt commonly runs 1.75% to 2.50% of consideration depending on jurisdiction.
Are construction loans available for build-to-suit industrial in Maryland?
Yes. Construction-to-perm executions for credit-tenant net-leased product draw competitive bidding from regional banks and a focused subset of national debt funds. Required equity is typically in the 25% to 35% range with partial recourse during construction burning off at stabilization, and long-WALT take-out through CMBS or life companies is the typical exit. Pre-construction lease execution with an investment-grade tenant materially improves both pricing and proceeds: the same physical building with a 10-year credit-tenant lease in hand at construction-loan closing typically clears 50 to 100 basis points tighter than a comparable speculative build, frequently with materially lower required equity.