FRANKLIN, MA-The proceeds from a $48-million equity and permanent debt placement will fund the construction of the Residences at Union Place, a 300-unit luxury apartment project. Winchester Capital LLC, a real estate investment banking firm, arranged the loan on behalf of Union Place LLC and a Midwestern financial institution provided both the equity and debt financing.

“The creative capital structure will allow us to begin construction of Union Place Apartments,” says Jim McAuliffe, managing member of Union Place. He adds that the firm anticipates a long-term relationship with its new capital partner.

Steve Campbell, principal of Winchester Capital and sole advisor to Union Place, notes that the client was looking to raise both equity and permanent debt proceeds which it needed to fund the project, which will feature one- and two-bedroom units.

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