Press Release brought to you by CBRE/New England

CBRE/NE Multi-Housing Debt & Structured Finance Team Arranges $16.125M Financing for The Meadows

04/02/2014

Monday, March 31, 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 $16.125M Financing for The Meadows

180-unit apartment community financed in Chelmsford, MA

 

BOSTON (Mar. 31, 2014) — CBRE/New England’s Capital Markets team announced today that they secured acquisition financing totaling $16.125 million for the purchase of The Meadows, a 180-unit garden-style community located in Chelmsford, Massachusetts. The buyer, a joint venture between Taurus Investment Holdings of Boston, MA and Water Street/PhilMor Real Estate Investments, LLC of Newton, MA, purchased the multifamily asset for $20,000,000.

 

CBRE/NE’s First Vice President of Multi-Housing Debt & Structured Finance, John Kelly, worked on behalf of Taurus and Water Street/PhilMor to secure the financing. “It was a pleasure working with the sponsors and their team. CBRE/NE’s Multifamily Debt & Structured Finance platform gives our clients’ superior access to the right capital, allowing them to seamlessly execute their business plans.”

 

“The acquisition of The Meadows is a follow-on transaction to the 2013 purchase of Cabot Crossing in Lowell, MA,” commented Taurus Investment Holdings’ CEO Peter Merrigan. Both properties represent quality Class B assets located within one of I-495’s strongest job markets. Taurus and Water Street/PhilMor will look to build off the previous owner’s success with the assets by making a strategic capital investment into each of the properties.” 

 

The community, located approximately 1.5 miles from I-495, was constructed in 1987 with an average unit size of 668 square feet. The Meadows consists of 10 three-story buildings with a unit mix of 18 studio, 42 one-bedroom/one-bathroom, and 120 two-bedroom/one-bathroom units. There are 375 parking spaces (2.0 spaces per unit) at the property.

 

 

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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04/02/2014 - 09:39

Source

CBRE/New England

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