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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.

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