MA Community Receives $120M Loan
- Nov 08, 2018
Greystar has secured a $120.2 million loan for Zinc Apartments, a 392-unit rental community in Cambridge, Mass. CBRE’s Nate Sittema and Kristen Reilley led the team that secured the 10-year, fixed-rate Freddie Mac loan to refinance the initial construction loan.
The Class A+ LEED Silver high-rise community was acquired by Greystar in 2017 as part of the acquisition of Monogram Real Estate Trust and was developed by Monogram in 2016. Zinc Apartments is located at 22 Water St., adjacent to the new Lechmere Station, a MBTA-operated light rail station slated to open in 2021.
Amenities at the community include an outdoor resident lounge, a 15,000-square-foot garden terrace, fitness center, theater room and 24-hour concierge service, among others.
The Boston multifamily development pipeline has remained steady, but demand is outpacing supply, according to a recent market report by Yardi Matrix. Nearly 16,500 units are under construction and about 4,900 are expected to come online by the end of 2018.
Image courtesy of CBRE