CBRE/New England Arranges Financing for 252-Unit Property Near Boston
- Apr 08, 2016
Boston—CBRE/New England announced that its Multifamily Debt & Structured Finance group secured the refinancing of existing debt for Cabot Crossing, a 252-unit, 135,000-square-foot multifamily property in Boston’s Lowell submarket.
The CBRE team that arranged the $23.5 million loan on behalf of the owners, Taurus Investment Holdings and PhilMor Real Estate Investments, was led by Multifamily Debt & Structured Finance partner & SVP John Kelly and senior financial analyst Sam Dylag.
“We were able to widely market this financing to a variety of lending sources which allowed the client to recapitalize the asset, return equity from their initial investment,” said Kelly, in prepared remarks, regarding the first mortgage loan arranged by his team.
Located at 130 Bowden St. in Lowell, Mass., Cabot Crossing sits on a 15.26-acre lot. It consists of seven three-story, garden-style apartment buildings and a two-story clubhouse. The property saw completion in 1986 and was bought from John M. Corcoran & Co. in 2013. The asset’s last price tag was $20.25 million, or little over $80.000 per unit (or $150 per square foot), and the sale was subject to a $17 million loan held by Commerce Bank & Trust Co.
Since acquiring the multifamily community, the new owners have implemented a unit upgrade and capital improvement plan. According to Yardi Matrix, the property’s occupancy rate for the past four years has always been above the 95 percent mark, with an average rent of $1,404. Cabot Crossing encompasses 28 studios, 168 one-, and 56 two-bedroom units, with an average unit size of 536 square feet.
Image courtesy of Yardi Matrix