Press Release brought to you by CBRE/New England

CBRE/NE Multi-Housing Debt & Structured Finance Team Arranges $12.65M Financing for Brickview Portfolio

05/13/2014

Tuesday, May 13, 2014

 

 

CBRE/New England Contact:

Kara DeMichele

Tel: 617.912.7038

kara.demichele@cbre-ne.com

 

 

 

CBRE/NE Multi-Housing Debt & Structured Finance Team Arranges $12.65M Financing for Brickview Portfolio

74-unit apartment portfolio financed in Brighton and Somerville, MA

 

BOSTON (May 13, 2014) — CBRE/New England’s Capital Markets team announces the successful arrangement of $12.656 million in acquisition financing for a two-property, 74-unit apartment portfolio, known as the Brickview Portfolio. The buyer, The Second Avenue Group, LLC, owns other multifamily communities in Brighton and Somerville.

 

CBRE/NE’s First Vice President of Multi-Housing Debt & Structured Finance, John Kelly, worked on behalf of The Second Avenue Group, LLC to secure the financing. “It was a pleasure to work with the sponsors on arranging their acquisition financing. CBRE/NE’s Multi-Housing Debt & Structured Finance platform provides clients access to the best available terms and capital sources to meet their business plans. Specific to this transaction, the lender was able to provide a revolving line of credit for planned capital improvements as well as giving a 35-year amortization period.”

 

“The acquisition of the Brickview Portfolio was an opportunity for us to add to our existing portfolio and acquire more units in the dynamic Somerville and Brighton submarkets,” commented the sponsors. “In working with CBRE/NE we were able to secure financing that mirrored our business plan.”

 

The portfolio is comprised of two communities located at 121-123 Highland Avenue in Somerville, MA and 4-8-12 Elko Street in Brighton, MA. The sponsors plan to renovate units at both properties.

 

121-123 Highland Avenue consists of 35-units in one five-story elevatored apartment building originally built in the 1930s. The apartment mix is comprised of four studio apartments, 22 one-bedroom apartments and 9 two-bedroom apartments.

 

4-8-12 Elko Street consists of 39-units in three attached three-story apartment buildings originally built in the 1920s. The buildings are located on the corner of Cambridge Street adjacent to Saint Elizabeth’s Medical Center and a MBTA bus stop providing direct access to Boston’s Back Bay and downtown. The apartment mix is comprised of 23 one-bedroom apartments and 16 two-bedroom apartments.

 

 

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 and investment firm (in terms of 2013 revenue). The company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 350 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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05/13/2014 - 08:47

Source

CBRE/New England

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