Press Release brought to you by CBRE/New England

CBRE/NE Multi-Housing Debt & Equity Team Finances Acquisition of $25.6M Linden Square Townhomes, Wellesley

12/12/2013

Thursday, December 12, 2013

 

 

CBRE/New England Contact:

Taidgh McClory

Tel: 617.912.7085

taidgh.mcclory@cbre-ne.com

 

 

 

CBRE/NE Multi-Housing Debt & Equity Team Finances Acquisition of $25.6M Linden Square Townhomes, Wellesley

64-unit townhouse community in Wellesley sold

 

BOSTON (Dec. 12, 2013) — CBRE/New England’s Capital Markets team announced today that they placed the financing of Linden Square Townhomes, a 64-unit townhouse community located in Wellesley, MA. The community is comprised entirely of two-bedroom/one-and-a-half bath apartments with an average size of 1,268 square feet. The buyer, Linden Townhomes LLC, an affiliate of Universal Properties of Newton, MA, purchased the asset for $25,600,000 ($400,000 per home).

 

CBRE/NE’s multi-housing debt and equity expert, John Kelly, worked on behalf of the buyer in securing the financing.

 

“We are very pleased to have facilitated the financing for this transaction on behalf of our longstanding client,” said CBRE/NE’s Kelly. “We were able to work within the local banking community to secure a three-year interest-only deal at 80% LTV financing. The deal includes the ability to partially release units to provide flexibility within our client’s business plan.”

 

“We were under very tight timelines for due diligence and closing.” noted Stuart Levey, President and CEO of Universal Properties. “Both John Kelly at CBRE/NE and Henri Soucy at Brookline Bank expedited the underwriting, approval and closing process seamlessly.” 

 

About CBRE/New England

CB Richard Ellis – N.E. Partners, LP, a joint venture with CBRE Group, Inc. has offices in Massachusetts, Connecticut, Rhode Island, Maine and New Hampshire. Please visit our website at www.cbre-ne.com. CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2012 revenue). The company has approximately 37,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting.

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12/12/2013 - 10:25

Source

CBRE/New England

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