$63M Refi for 145 Front in Boston
- Jan 16, 2020
Roseland Residential Trust, a Mack-Cali Realty subsidiary, has received a $63 million refinancing for 145 Front at City Square in Worcester, Mass. MUFG Union Bank provided the long-term loan which has a floating rate.
The fully leased community was completed in 2018 and encompasses 365 studios, one- and two-bedroom units. Additionally, it features 10,000 square feet of amenities, including clubroom, entertaining area with kitchenette and lounge seating, yoga room and spa studio, golf simulator, gaming tables, fitness center, conference room, package lockers and resort-style pool. It also includes 402 parking spaces and 10,405 square feet of street-level retail.
Located on 3 acres at 145 Front St., the asset is part of a 12-acre master-planned, mixed-use development. Nearby amenities include eateries, retailers, entertainment options and parks. A bus stop sits right next to the building, while Worcester Union Station is within walking distance.
A CBRE team comprising Michael Sherman and Irene Lu arranged the financing. Earlier this month, the company brokered the sale of a 254-unit community in Cambridge Mass.