NEW YORK, NY - Hunt Mortgage Group, a leader in financing commercial real estate throughout the United States, announced it provided a $4 million Freddie Mac Small Balance loan to refinance a mixed-use retail and multifamily property located in East Boston.
Parkside Landing consists of 16 apartment units and one retail space contained in two, four-story apartment buildings. The property was purchased by the current owner in 2013, who converted the property from a pure multifamily property to its current mixed-use retail configuration.
The loan is 10-year fixed with 30-year amortization, after three years of interest only, and step-down prepayment schedule. The borrower is Parkside Landing Maverick, LLC, a Massachusetts limited liability company backed by three key principals with significant experience.
“The clients are repeat Freddie Mac and Hunt Mortgage Group customers,” explained Hayley Suminski, Vice President at Hunt Mortgage Group. “Late last year we financed Chelsea Street Apartments, a 12-unit multifamily property located in East Boston. Together, this group of borrowers have more than thirty years of experience in developing, owning and managing multifamily real estate."
“Construction on Parkside Landing was completed in 2015 and the property is performing well with the current occupancy rate at 100%” added Suminski. “We were pleased to partner again with these experienced local investors on a deal in the heart of Boston.”
The deal was brokered by Tom Welch, Jeanette Gaede and John Poole of Colliers.
Parkside Landing consists of 650 square feet of retail space; one studio apartment; four one-bedroom, one-bathroom units; nine two-bedroom, one-bathroom apartments; and two three-bedroom, two-bathroom units with a total net rentable area of 14,106 square feet.
The property is located in the submarket known as East Boston, located approximately one mile northeast of Boston’s central business district. The neighborhood is best characterized as a mixture of residential and industrial development with gentrification taking place and most residents working in the City of Boston, or in the surrounding community.
Source: Hunt Mortgage Group / #Apartments #Multifamily