News: Front Section
Posted: October 2, 2015
Kelly and Dylag of CBRE/New England arrange $7.5 million acquisition financing
218 and 250 Spring Street - West Roxbury, MAWest Roxbury, MA CBRE/New England’s multifamily debt & structured finance group has arranged $7.5 million in acquisition financing for the $9.4 million acquisition of 218 and 250 Spring St. An affiliate of Yee Enterprises closed on the 55-unit, two-building multifamily property in September.
CBRE/NE senior vice president John Kelly and financial analyst Sam Dylag, on behalf of the buyer, secured financing through a local bank. “We leveraged our strong banking relationships and were able to arrange a financing solution that aligned with our client’s business plans,” said Kelly. “The lender emerged from several local and regional banks to offer excellent terms and exceptional service.”
“We were pleased with the response of the local debt markets on this transaction,” said Ivan Yee of Yee Enterprises. “It allowed us to leverage our acquisition with very attractive financing terms that would have been challenging to obtain without the assistance of CBRE/NE.”
218 and 250 Spring St. is a portfolio consisting of two buildings located on the southeastern side of Spring St., directly across from the VA Hospital. The portfolio consists of two, four-story buildings constructed in 1968. Both buildings have brick exteriors and off-street surface parking. The portfolio is a 100% market-rate community with a unit mix containing studio, one-bedroom and two-bedroom units. The average unit size is 748 s/f. Select units have been updated over the last few years including upgrades in bathrooms and kitchens.
N.E. Partners, LP, a joint venture with CBRE Group, Inc. has offices in Massachusetts, Connecticut, Rhode Island, Maine and New Hampshire. CBRE Group, Inc., a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting.
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