Munroe Place LLC is a joint venture between Abbott Real Estate Development LLC, a real estate firm specializing in multifamily development, and National Electrical Benefit Fund, the third largest Taft-Harley pension plan."The initial funding of $25 million was interest only with an earn-out structure of up to $4.8 million within 18 months after the initial funding," says Wittmann.
Munroe Place is immediately adjacent to the MBTA red line and near Route 93. The eight-story building was completed this past May and consists of 57 one-bedroom units and 54 two-bedroom units averaging 1,062 sf. The property also features an underground garage with 126 parking spaces. The property includes 10,000 sf of street-level retail, community and exercise rooms.
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