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Apartment Complex Sells for $130M

BROOKLINE, MA -The Hamilton Co., along with its affiliate New England Ralty Associates, is purchasing the 409-unit Dexter Park.

By Ryan Clark | Updated on October 29, 2009

BROOKLINE, MA-The Hamilton Co. and its affiliate New England Realty Associates is purchasing Dexter Park, here for $129.5 million. The 409-unit apartment complex is a nine-story mid-rise composed of 340,000 square feet with parking available for every unit.

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.

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