A Boston-based opportunity fund provided the mezzanine financing and a private investment group provided the equity. The loan will be used to fund the construction of the $35 million, residential project which will feature one- and two-bedroom units.
According to Chip Norton, managing member of Malden Place, "The creative capital structure will allow us to begin construction of Malden Place Condominiums. The blend of equity and mezzanine debt was critical to getting the deal done."
Steve Campbell, principal of Winchester Capital emphasizes that his firm raised the equity and mezzanine debt proceeds required to fund this project within a "compressed time frame."
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