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BOSTON-A $12-million construction loan was secured for the second phase of development at the Residences at Chestnut Hill, a 22-unit luxury condominium development located in the Chestnut Hill neighborhood on Route 9. Locally headquartered Tremont Realty Capital arranged the financing for the developer, CFK of Newton Development Co., LLC.

The property is situated one block from the Atrium Mall and near the Jenny filling station, which is being renovated and will be incorporated as part of the complex’s amenities. Construction on this part of the project is currently underway. When completed, it will consist of garden-style units ranging in size from 1,227 sf to 3,100 sf. The luxury condominiums are priced individually in the $500,000 to $1.5 million range. The first phase of The Residences was completed earlier this year and is nearly fully sold. It consists of 19 garden-style condominiums and 17 town homes.

David Ross, a senior director with Tremont’s location office, arranged the loan that was funded through a regional lending relationship. The two-year construction loan provided for approximately 82% of the second phase of the project costs at, what Tremont terms, a “very competitive” interest rate. Ross notes that it is anticipated that this phase of the project will sell out as quickly as the first phase.

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