Thank you for sharing!

Your article was successfully shared with the contacts you provided.

BOSTON-The Abbey Group is refinancing their 207-unit brownstone apartment complex–St. Germain Apartments–for $33.5 million. The locally-based developer is using the fixed-rate loan from Germany-based Landesbank Hessen-Thuringen Girozentrale on a maturing loan for the property. The other terms or length of the loan are undisclosed. The refinancing was arranged by senior managing director Bob Herron and director Greg LaBine from Holliday Fenoglio Fowler LP.

“Certainly we had a very high quality sponsor with a great product and a fantastic location,” LaBine explains. “So that definitely is what the lending community is looking for.”

The 48 building property sits on St. Germain St., taking up almost the entire city-block between Dalton Street and Massachusetts Avenue in the Back Bay area of the city. The average brownstone in the complex runs three stories with a single exception that rises to five stories. The complex contains studio, single-bedroom and two-bedroom apartments–which average 705 sf for a two-bedroom. The rent ranges from $1600 per month for a studio to $3000 per month for a two-bedroom.

This is not the first time the German bank has worked with the Abbey Group. The two worked out a construction loan for a development at 45 Province St. in 2006, according to a prewritten statement from Herron. LaBine points out to GlobeSt.com that the $33.5 million refinancing is “yet another example of how the foreign banks are interested in lending on US real estate.” He continues that gateway coastal markets, like Boston, are of interest to foreign banks as a way to diversify their investments.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.