Helge Capital has closed on $62 million in financing for the recapitalization of a 19-building multifamily portfolio located in the cities of Boston and Lynn, Mass. The buildings consist of a combination of market-rate and affordable apartments.
The portfolio is well-positioned and well-located to provide long-term workforce housing in the greater Boston area, according to a press release announcing the financing deal. The properties’ locations provide easy access to both public transportation and main employment centers within the city.
Executive Vice President John Kelly of CBRE arranged the deal on behalf of Helge Capital.
“Our mission is to provide well-maintained, secure and affordable housing in the city of Boston,” said Oleg Uritsky, founder and CEO of Helge Capital, in prepared remarks. “Over the course of our ownership of these assets, we have executed on an aggressive capital improvement plan where we have reinvested millions of dollars into the assets and the community.”
Boston multifamily is experiencing tremendous rent growth, as submarkets absorb new deliveries, according to a recent report from Boston Realty Advisors.
Image courtesy of CBRE