WELLESLEY, MA-In the second CRE deal of note in this Boston suburb within the past week, CBRE/New England's Capital Markets team has placed the financing of Linden Square Townhomes, a 64-unit townhouse community. The buyer, Linden Townhomes LLC, an affiliate of Universal Properties of Newton, MA, purchased the asset for $25.6 million, or $400,000 per unit. The seller was not identified.
The community is comprised entirely of two-bedroom/one-and-a-half bath apartments with an average size of 1,268 square feet. CBRE/NE's multi-housing debt and equity expert, John Kelly, worked on behalf of Linden Townhomes LLC in securing the financing.
“We are very pleased to have facilitated the financing for this transaction on behalf of our longstanding client,” Kelly says. “We were able to work within the local banking community to secure a three-year interest-only deal at 80% LTV financing. The deal includes the ability to partially release units to provide flexibility within our client's business plan.” The lender was identified as Brookline Bank; further terms of the transaction were not disclosed.
Last week, the Blackstone Group traded Wellesley Office Park, a 649,184-square-foot office park here, for $237 million. The buyer in that acquisition was not identified; published reports said the office park sold to Toronto-based Manulife Financial Corp.
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