Boston-Area Community Lands $30M Financing
- May 21, 2019
Forest Properties has received $30.4 million to refinance its existing debt on Barclay on Beacon, a 111-unit community in Brookline, Mass. According to public records, PGIM Real Estate Finance provided the non-recourse loan, which has a 15-year fixed-rate, eight-year interest only period and 30-year amortization schedule.
The 15-story community was completed in 1965 and encompasses one- and two-bedroom units averaging 1,014 square feet. Amenities include bicycle storage, fitness center, laundry facilities, concierge, rooftop pool with pavilion, tenant lounge and a 92-spot underground parking.
Located at 1530 Beacon St., the property sits 5 miles west of downtown Boston and is close to multiple up-and-coming developments. Nearby amenities include parks, eateries, cafes, accommodation options and health-care centers. Additionally, Barclay on Beacon is situated adjacent to Fairbanks Street bus and light rail stations.
American Street Capital President Igor Zhizhin alongside Director of Operations Alexander Rek originated the loan.