BOSTON-HFF announced Tuesday that it has secured $23 million in financing for the Wyeth, a three-building, 63-unit multi-housing development in Cambridge, MA.
Working exclusively on behalf of Broder Properties, HFF placed the 15-year, fixed-rate financing with Eastern Bank. The loan will fund construction of the property and convert to a permanent loan thereafter.
The HFF team representing Broder Properties was led by director Greg LaBine. “Broder intends to hold these properties long term as a core portion of their growing portfolio,” he says in the loan's announcement. “Eastern Bank provided Broder with construction funds to complete the renovations while allowing Broder to lock in long-term rates in the current attractive interest rate environment.
The Wyeth consists of 45 Yerxa Rd., a 19-unit property renovated in 2008, as well as 120 and 124 Rindge Ave., partially completed multi-housing buildings with 28 and 16 units, respectively. Broder bought the properties out of foreclosure and is renovating 120 and 124 Rindge to LEED Platinum standards. The buildings sit between Porter Square and the Fresh Pond/Alewife neighborhood of Cambridge, close to Davis Square, Interstate 93 and the Massachusetts Turnpike as well as MBTA stations at Porter Square and Alewife, providing access into downtown Boston. The 2.27-acre site also includes 97 surface parking spaces.
Broder Properties is a privately-funded real estate partnership based in Boston's Back Bay.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
