The singular, large loan is unique in this currently dry lending environment, however. Carl Valeri of Hamilton Co. tells GlobeSt.com that this has as much to do with Hamilton's long-running relationship with Wells Fargo as it does with the quality of the property.
It has been "15 years in the making," he explains, pointing out that Hamilton has been working with Wachovia, which has become Wells Fargo, for about that long. The long-term relationship combined with the "excellent property, excellent location" and Hamilton's "ties to the neighborhood" also contributed to the cause. The financing was worked out with $41 million in equity. There is 10-year interest for two years and 30-year amortization. The property is between 95% and 96% occupied.
The break-down of the units is 111 one-bedroom, 210 two-bedroom, with one and one-half baths; 17 two-bedroom, two-baths; and 71 three-bedroom, one and one-half bath apartments. It was secured with permanent financing by Wells Fargo on behalf of Freddie Mac. Cushman & Wakefield handled the sale of the property.
The property sits on 4.24 acres and entertains a 24-hour concierge, movie theatre, business center community room, laundry facilities, a children's activity room and fitness center. The deal stands as one of the largest all year in Boston, which although handling the downturn better than most cities, like the rest of the country, suffers from rising vacancy.
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