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$5M Finances Condo Conversion Project

CAMBRIDGE, MA-The two-bedroom units are minutes from Harvard University on Cambridge's main thoroughfare.

By Joe Clements | Updated on June 12, 2007

(Read more on the debt and equity markets and the multifamily market .)

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.

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