ARLINGTON, MA-Centerline Capital Group said Tuesday it has provided a $24-million loan to facilitate the acquisition of Brigham Square, a newly constructed multifamily property. US Real Estate Investment Fund LLC, advised by Intercontinental Real Estate Corp., paid $51 million to acquire the property from Wood Partners, according to published reports.
"Brigham Square is one of the best located suburban properties in the Boston area," says Centerline's Paul Donahue. "It has good visibility and is well located next to Minuteman Bikeway which runs from Cambridge out to the historic neighborhoods of Lexington, providing attractive commuting options for residents of the property."
Within a half-mile of Brigham Square are "convenient amenities, including a major supermarket and a variety of excellent restaurants," says Donahue, managing director of mortgage banking. "The Boston-area apartment market remains strong with the state having gained 47,000 new residents in the last year.
Opened in January 2013, the 166-unit complex completed rent-up last year. It's comprised of a five-story apartment building and two small retail buildings. Seventeen of the rentable apartment units are considered affordable.
The Freddie Mac commercial mortgage execution obtained via Centerline is a seven-year permanent loan with interest only for the full term. Donahue arranged the loan along with colleagues Will Anderson and Mara Geltzeiler.
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