MALDEN, MA-A CBRE/New England capital markets team has secured a Fannie Mae loan of $36 million to finance the acquisition of Cliffside Commons, a 295-unit mid-rise community in this Boston suburb. The apartment complex traded for $60 million.
CBRE/NE did not identify the buyer or seller. Industry data indicate the seller was Guardian Life Insurance, which had paid $38.4 million to acquire Cliffside Commons from BlackRock Realty in 2010. The buyer in the late-December deal was locally based Qianlong Management LLC, according to the Real Reporter.
Built in 2000 with average unit sizes of 892 square feet, Cliffside Commons consists of eight studio, 142 one-bedroom/one-bathroom, 135 two-bedroom/two-bathroom and 10 three-bedroom/two-bathroom units in five stories. It was 95% occupied as of this past December.
CBRE/NE's VP of multi-housing debt & structured finance, John Kelly, worked on behalf of the buyer in securing the financing. Kelly notes that his company was able to issue a Fannie Mae commitment “within 21 days of receiving a signed application.” The complex's new owners plan to add value through capital improvements.
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Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
