BOSTON—The ownership of the expansive Harbor Point onthe Bay housing development here has secured $215 millionin multifamily senior debt.
The refinancing deal was reported by KeyBank Real EstateCapital of Cleveland, which arranged the transaction forthe 1,284-unit mixed affordable and market rate waterfrontdevelopment via a loan placed through Freddie Mac for the projectsponsor Corcoran, Mullins, Jennison, Inc. ofBoston. Dirk Falardeau, vice president withKeyBank Real Estate Capital, says the new loan replaces prior CMBSdebt on the property.
The deal, which took about a year to finalize, features a20-year term, 35-year amortization period, 10 years ofinterest-only and a sub 3.65% interest rate. Falardeau originatedthe transaction under the direction of KeyBank Real Estate Capitalregional manager, Todd Goulet, and was assisted by KeyBank'saffordable housing team vice president Al Beaumariage and seniorrelationship manager Mathew Purtell.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
