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111-Unit Building Secures $30M in Financing

QUINCY, MA-Munroe Place, a 111-unit, eight-story luxury apartment building at 1205 Hancock St., nailed down $29.8 million in permanent financing. The building was completed this past May by a joint venture of Abbott Real Estate Development and National Electrical Benefit Fund, a Taft-Harley pension plan.

By Naomi Grossman | Updated on August 27, 2004

QUINCY, MA-Permanent financing in the amount of $29.8 million was secured for Munroe Place, a 111-unit, luxury apartment building located at 1205 Hancock St. Senior managing directors Fred Wittmann and Todd Stressenger of the Boston office of Holliday Fenoglio Fowler LP worked on behalf of Munroe Place LLC to secure the 10-year, 5.87% fixed-rate loan through Northwestern Mutual Life Insurance Co.

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.

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