Press Release brought to you by CBRE/New England

CBRE/NE Multi-Housing Debt & Structured Finance Team Arranges $8.5M Refinance of 24-Unit Building

05/21/2014

Wednesday, May 21, 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 $8.5M Refinance of 24-Unit Building

24-unit apartment community financed in South Boston, MA

 

BOSTON (May 21, 2014) — CBRE/New England’s Capital Markets team announces the successful completion of an $8.5 million refinance of a construction loan for a newly built 24-unit community located in South Boston, MA. The developer completed construction of the Class A property earlier in 2014.

 

CBRE/NE’s First Vice President of Multi-Housing Debt & Structured Finance, John Kelly, worked on behalf of the borrower to secure the financing. “It was a pleasure to work with the sponsors on this transaction. This deal demonstrates the continuing robust nature of rental market through this cycle, as well as the strong appetite of lenders to provide permanent financing on a project going through initial lease-up/stabilization.”

 

“The refinance of the brand-new asset allows us to execute on a build and hold strategy in one of the strongest rental markets in the country,” noted the sponsor. “Working with CBRE/NE’s Multi-Housing Debt & Structured Finance team enabled us to evaluate different financing structures and secure long-term floating rate debt at a great interest rate.”

 

The community, located in South Boston, was constructed in 2013 and brought on line in the first quarter of 2014. Unit interiors all boast condo-quality finishes with state-of-the-art technology including Nest thermostats, four-zone surround sound and iPod docking stations. The property consists of one four-story building with 30 covered garage parking spaces, a private roof deck, and a private balcony for every unit.

 

 

 

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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05/21/2014 - 10:38

Source

CBRE/New England

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