Colliers Secures $23 Million in Financing for New 46-Unit Multifamily Development in EverettJune 20, 2023
Boston — Colliers, has been exclusively engaged by RISE, a community-focused development company with related construction management, and btcRE, a boutique real estate development, investment and advisory firm, to secure funding for the new apartment building at 52 School Street in Everett. According to a release, financing will support the construction of 46 modern apartment units, located in an established residential neighborhood on the periphery of Everett’s booming Commercial Triangle Economic Development District. The $23 million in financing includes a $15 million construction loan and $8 million in joint venture equity.
“Financing conditions have become much more challenging than they were even six months ago,” said Tom Welch, Colliers Executive Vice President, Capital Markets. “However, given RISE’s fundamental qualities as a developer, including the depth and talent of their construction management team, their astute site selection, design and permitting, we were able to pair them with an exceptional equity partner and a true relationship lender.”
The Colliers debt and equity team, led by Tom Welch, Adam Coppola and Patrick Boyle, was retained by RISE to secure the construction financing for a pipeline of multifamily development deals, including 52 School Street. Colliers also arranged the LP equity, which was structured to benefit from 52 School Street’s location in a Qualified Opportunity Zone.
“It was a pleasure to work with the capital markets team at Colliers again,” shared Herby Duverne, Founder and CEO of RISE, adding, “Everett is an amazing city, undergoing a significant transformation while also making an effort to preserve its character and what makes this coastal community unique, RISE is thrilled to bring this residential opportunity to the neighborhood and we look forward to future opportunities here.”