CAMBRIDGE, MA-EagleBridge Capital has secured $5.17 million in mortgage financing to convert a well-located apartment building into condominiums. The 24-unit building at 2456-2460 Massachusetts Ave. is owned by First Cambridge 2460 Acquisition LLC, an entity controlled by local developer Roger Lehrberg.

According to EagleBridge principal Ted Sidel, the mortgage banking firm opted to finance the plan for a variety of reasons, calling it "a well-conceived, moderately priced project in an excellent location" close to Davis, Harvard and Porter squares and along several public transit lines. The owners paid $6.5 million for the asset.

"The property should do well," concurs EagleBridge principal Brian Sheehan. Now being renovated, the units of 1,050 sf to 1,075 sf are starting at $399,000. All will have central air conditioning, hardwood floors and extra closet space, says Sheehan. Kitchens feature granite countertops, maple or cherry cabinets, ceramic tile and all customary appliances. An on-site garage is "a major plus" in a community bereft of street parking, adds Sidel, further noting that 2456 Massachusetts Ave. is close to key roadways such as Routes 2, 3, and 16, the Alewife Brook Parkway and Interstate 90.

Located in Boston's Financial District, EagleBridge Capital has handled several multifamily projects recently, securing an $11.7-million construction loan for a 44-unit condo development in Allston; $6.5 million for the purchase of a 122-unit apartment portfolio in two Massachusetts communities; and $20 million to support a joint venture on its development of a 57-unit luxury condo project in Concord.