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PEABODY, MA-The Highlands at Dearborn Apartments, here, are securing an interest-only bridge loan to the tune of $60 million. The loan was arranged for the 446-unit complex by NorthMarq’s Gary McGlynn and Kenneth Gentzel based on a non-stabilized, calss A project with an 80% loan-to-2011 stabilized value.

The bridge loan was A/B note bridge financing from a “major life insurance company” according to a NorthMarq release. The complex located here at 19 Dearborn Rd. is located roughly 13 miles outside of Boston proper with a combination of single-, two- and three-bedroom apartments ranging in size from 703 square feet to 1340 square feet.Rents range from $1,095 to $1,835, with a variety of choices between depending on the size and bedroom capacity of the units.

The complex boasts a business center, pool, clubhouse, garage, gated access, playground, hot tub and high speed internet access. Close access to the major roadways in the Boston-metro suburbs, including I-95, Route 128 and I-93. The property is managed by Simpson Property Group, LP. Inquiries to NorthMarq were not returned by deadline.

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