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BOSTON-A property model seldom found in Massachusetts has received the backing of Prudential Insurance Co., with the residential cooperative Kenmore Tower being granted $6.5 million in permanent mortgage financing. The 12-story, 110-unit building is located in the city's eclectic Kenmore Square district.

"Unlike Manhattan, where 85% of all apartments available for purchase are co-ops, the Kenmore Tower is one of only a handful of cooperative apartment buildings located in Boston," explains EagleBridge Capital Corp. managing director Ted Sidel, whose Boston-based firm arranged the Prudential loan for the 566 Commonwealth Ave. property. He says condominiums are the preferred residential concept in Massachusetts, noting buyers in that instance possess their units outright whereas each cooperative unit is partly owned by each member.

According to EagleBridge managing director Brian Sheehan, the financing package was structured after extensive discussions with the cooperative's board of directors to ensure the loan satisfied its needs while providing funds for future improvements. "Our lender was very impressed with the quality of the building, the outstanding location and the co-op board's stewardship of the property," Sheehan says. Co-ops and special-purpose buildings are among several property types handled by EagleBridge Capital, which provides debt and equity financing options for office, industrial, flex and hospitality properties.