DEAL OF THE DAY: Equibase Provides $1.35M Loan for Development of 150-Unit Rental Community

By Anuradha Kher, Online News EditorPlymouth, Mass.–Equibase Capital Group LLC recently provided a $1.35 million bridge loan to Abbott Real Estate Development, a residential development firm, based in Boston.The highly-structured loan will be used to support Abbott Real Estate’s acquisition, zoning, and redevelopment of a vacant Wal-Mart located in Plymouth, Mass., into a 150-unit apartment complex on the property’s 5.8 acres of land. The apartment complex, known as Abbott Residences at Cordage Park, is the cornerstone of the Cordage Park Smart Growth District. Abbott Residences at Cordage Park will be a commuter-friendly development adjacent to the Plymouth MBTA station of the South Shore commuter rail line. “Equibase is delighted to assist Abbott Real Estate Development with the financing for his unique infill development project and value-creating transaction,” says Michael Husman, managing principal of Equibase Capital Group. Gerard Savard of Abbott Real Estate Development says, “When completed, Abbott Residences of Cordage Park will be a pedestrian-friendly community. Equibase leveraged their expertise in the multifamily arena to provide this loan in an environment when other lenders are unable to find creative solutions.”