$22 Million Investment for Boston Transit-Oriented Development
- Jun 18, 2012
Boston—Transit-oriented communities are proving to be a hot commodity for developers. Tremont Realty Capital, a national real estate investment and advisory firm, recently secured funding for the acquisition and development of Metro at Wilmington Station. This transit-oriented multifamily community includes 108 units and is located in the suburbs of Boston. It was a $22 million investment.
The development financing was funded in part by an institutional equity investor and a local bank. The debt and equity provided for nearly 98 percent of total development costs, according to Dennis Walsh, senior director, Tremont.
“We assisted in the land acquisition; and while plans and final permits were being done, we were successful in arranging competitively priced debt and equity for our client,” Walsh said in a press statement. “The favored product type, excellent location and strong sponsorship were all factors in making this an attractive opportunity.”