Trio of Structured Finance Deals Keep FinanceBoston BusyFebruary 04, 2019
BOSTON — Senior pre-construction financing for an 18-unit luxury condominium project in vibrant East-Cambridge was arranged by FinanceBoston. The development is located on Cambridge Street, a primary thoroughfare providing direct access to MIT, Kendall Square and Cambridge Crossing. According to a release, the convenient location of this project is part of an exciting mixed-use area and will provide much-needed housing to the severely supply-constrained city of Cambridge.
“This closing provides the liquidity necessary to complete the engineering and architectural work which is needed to obtain construction permitting,“ said Doug Landry, Principal at Boston-based FinanceBoston. “We are looking forward to closing the follow-on construction financing later this year, and breaking ground on the vertical construction.“
In another Trans-oriented project, FinanceBoston arranged $2,000,000 in senior financing for the cash-out refinance of a multi-tenant office building on Dorchester Ave in South Boston. The development is located blocks away from the Broadway Red-Line MBTA station and is walking distance from multiple area amenities along the rapidly developing Dorchester Ave corridor.
“We are particularly excited about this project as it provided an opportunity to work with repeat clientele and to expand our portfolio in South Boston,“ said Landry. Principal at Boston-based.
The firm headed west to complete the trio of deals, arranging bridge financing in the amount of $4,600,000 (75% of purchase), for a vacant industrial building in Worcester County. The deal was arranged by Fergal Woods and Brian Rooney of FinanceBoston who stated the loan was provided by a Massachusetts Bank at a competitive interest rate, interest-only for two years.
“This project required an approach that addressed a specialized business plan for the property. Our client had a particular vision for this vacant building, and this financing arrangement will allow the true potential of the asset to be unlocked” said Brian Rooney, Associate at FinanceBoston.Brian Rooney Fergal Woods Doug Landry