Colliers has arranged a $62 million refinancing for Addison, a 230-unit apartment community in East Boston, Massachusetts.
The Colliers team, including Jeffrey Black, Bryan Koop, Sean Burke, Kevin Phelan, and Matthew Lombardi, secured the loan on behalf of a joint venture between Redgate Capital Partners, North River Company, and ELV Associates, Inc. CrossHarbor Capital Partners provided the refinancing.
Delivered in Q4 2021, Addison features amenities including an outdoor pool, work-from-home offices, an industrial kitchen, a basketball court, multiple lounges, and a maker space equipped with 3D printers and art supplies. The property offers access to Route 1A and the MBTA Blue Line’s Orient Heights T station, providing direct connectivity to Logan International Airport and Downtown Boston.
“The development team’s experience, coupled with their attention to detail when designing Addison, comes through in every aspect of the building’s identity,” said Bryan Koop. “The debt market showed robust interest in this opportunity, highlighting the depth of liquidity pursuing core multifamily with top-tier sponsors.”
Colliers (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management company. Colliers Structured Finance Group is distinctively positioned to help meet our clients’ financing, funding and capitalization needs for the acquisition, refinance, construction, rehabilitation, equity bridge and permanent debt for a multitude of property types nationwide. Our professionals work collaboratively to analyze and uncover the best options available for each client’s unique needs, by offering access to federal agency loan programs, commercial finance solutions, and in identifying capital sources for capitalization requirements. We also service all loans we originate and are currently servicing more than $10.0 billion in loans.
