Boston Mixed-Income Community Obtains $212M Refi
The buildings have a sizeable affordable component.
The Overlook at St. Gabriel’s, a 555-unit apartment community located in the Boston suburb of Brighton, has secured a $212 million refinancing loan. Its owner, Blue Vista Capital Management, obtained the loan in a joint venture with Cabot, Cabot, & Forbes alongside Siguler Gruff & Company. Affinus Capital LLC originated the financing.
The Overlook totals 555 apartments across five buildings. There are 163 studios, 169 one-bedrooms, 190 two-bedrooms, 32 three-bedrooms and one four-bedroom living arrangement. According Yardi Matrix, the 83 percent occupied community has 83 affordable units.
Each apartment includes a washer and dryer, air conditioning unit and stainless-steel appliances, while some units have access to a private balcony or patio. Residents of the community also have access to on-site amenities including a fitness center, business center, clubhouse and swimming pool to be used seasonally. Across the 11-acre community, there are seven acres of green space.Â
Overlooking The Hub
Located at 175 Washington St. in the Brighton submarket, the Overlook at St. Gabriel is within two miles of Boston College and seven miles from downtown Boston. Fenway Park is also three miles away, with the Boston Museum of Fine arts also local to the area.
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When The Overlook at St. Gabriel’s was first constructed in 2019, Blue Vista Capital Group was given a $150.2 million loan from Starwood Capital Group, according to Yardi Matrix. Part of the project included revitalizing St. Gabriel’s monastery and church, in addition to establishing three additional buildings for residential use.
In nearby Bolton Mass., Wood Partners started construction on an all-electric community which will feature more than 200 units. It is expected to come online in December of this year.
