Ovation Development

Ovation Development


M E M O R A N D U M

September 15, 2005


To: Friends of the Brexton Hotel

From: Lou Steadwell

Subject: Brexton project update

I held off as long as I could before contacting Steve Mowbray, the owner of the Brexton to see where he stood regarding our proposal to purchase the property with a contingency period. He informed me that he had taken the property off the market in order to explore furthe the possibility of doing the conversion and renovation project himself. I told him that I was going on vacation for two weeks and he suggested that I check back with him at the end of the month to see where he was on the project.

Let’s look a some others.

From Louis Steadwell

From: Louis Steadwell [mailto:magusdc@ix.netcom.com] Sent: Wednesday, September 07, 2005 1:51 PMTo: Cheryl Paul Jones; Christine M. Swearingen; Cleve Harrigan; David Domenici; Greg; Jonathan McClelland; Julia Lara; June Gardner; Leonard Rockett; Linda Hanten; Manuel Gomez; Mark Oliphant; Sandra Rubin; Saskia van Groningen; Soledad Labarca; Sylvia Correa; Tatjana Misulic; Wanda RestoSubject: Update2
 
Ovation Development
 
M E M O R A N D U M
 
September 7, 2005
 
 
To: Friends of the Brexton Hotel
From: Lou Steadwell
Subject: Brexton project update
I spoke with the owner about our request for a study period. He said that he would consider a 30 day period with a 2-week kick-out. He said he would think about it and get back to me. I think that we can complete our due diligence in 30 days if we have to. We're not there yet, but we may be a bit closer.
One of our prospective investors, Luana Lewis found this article in the archives: http://www.citypaper.com/news/story.asp?id=4999
I have found a few other prospect projects in Baltimore, but we'll wait to see where this one goes.
 
 
 
Louis Steadwell
magusdc@ix.netcom.com
Why Wait? Move to EarthLink.
 

Ovation Development

Ovation Development


M E M O R A N D U M

September 6, 2005


To: Friends of the Brexton Hotel

From: Lou Steadwell

Subject: Brexton project update

I dropped the keys off to the owner today with a note expressing our interest in purchasing the property (not a contract) provided he ratify our offer with a study period to allow time for due diligence. I haven’t heard back on this yet.

At this moment, we are in a holding pattern regarding the acceptability of our terms for an offer. I will call the owner tomorrow to hear what he has to say about our proposal. If he is willing to accept our terms, I have asked Vincent Eades, a mortgage banker with First Home Mortgage, to meet with us to talk about the details of financing the project and to answer our questions. At that time we should have all the information we need to decide to offer or to pass on the Brexton project.

In the meantime, I am looking at other prospects in Baltimore that we may want to consider if this project does not work out.

Brexton Condominium

The Brexton Condominium

The Brexton, a triangle-shaped, turret-topped residence hotel built in 1880, is a landmark in the Mount Vernon neighorhood of Baltimore in the 800 block of Park Avenue. Designed by prominent architect Charles Cassell, the hotel was the one-time lodging for Wallis Warfield Simpson, Duchess of Windsor when she lived in Baltimore. The Hotel went through many incarnations as low-rent apartments and artist digs in the 1970’s and 80’s until it closed in 1987.

The Brexton, 15,000 square feet and 6 storeys above a full-height basement, looks good as a prospect for development. Located 1 block from the MARC train and 3 blocks from the Meyerhoff Symphony Hall and a short, walk or bus ride to Amtrak Pennsylvania Station and rail transportation to the Washington area.