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446-Units Land $60M Bridge Loan

PEABODY, MA-The Highlands at Dearborn Apartments are securing an interst-only bridge loan.

By Ryan Clark | Updated on October 21, 2009

PEABODY, MA-The Highlands at Dearborn Apartments, here, are securing an interest-only bridge loan to the tune of $60 million. The loan was arranged for the 446-unit complex by NorthMarq’s Gary McGlynn and Kenneth Gentzel based on a non-stabilized, calss A project with an 80% loan-to-2011 stabilized value.

The bridge loan was A/B note bridge financing from a “major life insurance company” according to a NorthMarq release. The complex located here at 19 Dearborn Rd. is located roughly 13 miles outside of Boston proper with a combination of single-, two- and three-bedroom apartments ranging in size from 703 square feet to 1340 square feet.Rents range from $1,095 to $1,835, with a variety of choices between depending on the size and bedroom capacity of the units.

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