"Certainly we had a very high quality sponsor with a greatproduct and a fantastic location," LaBine explains. "So thatdefinitely is what the lending community is looking for."

The 48 building property sits on St. Germain St., taking upalmost the entire city-block between Dalton Street andMassachusetts Avenue in the Back Bay area of the city. The averagebrownstone in the complex runs three stories with a singleexception that rises to five stories. The complex contains studio,single-bedroom and two-bedroom apartments--which average 705 sf fora two-bedroom. The rent ranges from $1600 per month for a studio to$3000 per month for a two-bedroom.

This is not the first time the German bank has worked with theAbbey Group. The two worked out a construction loan for adevelopment at 45 Province St. in 2006, according to a prewrittenstatement from Herron. LaBine points out to GlobeSt.com that the$33.5 million refinancing is "yet another example of how theforeign banks are interested in lending on US real estate." Hecontinues that gateway coastal markets, like Boston, are ofinterest to foreign banks as a way to diversify theirinvestments.