News: Front Section
Posted: March 29, 2024
Mesa West Capital funds $81 million loan to refinance
289-unit Emblem 120 in Woburn, MA
Woburn, MA Mesa West Capital has provided a joint venture between affiliates of Toll Brothers, Inc. and Carlyle with an $81 million loan to refinance Emblem 120, a 289-unit mid-rise multifamily property.
Developed and delivered in 2022 by Toll Brothers Apartment Living, the rental subsidiary of Toll Brothers, Inc., the six-story property features a mix of studio, one-, two- and three-bedroom residences. Among the many amenities at Emblem 120 are a central courtyard, outdoor pool with cabanas, work-from-home space, rooftop terrace and lounge, and a multi-level fitness center. At street level, the property also features 9,390 s/f of retail and access to surface and covered parking.
Located at 120 Commerce Way, Emblem 120 benefits from numerous demand drivers, including a strong regional employment base, nearby retail and dining options and walkability to Anderson Regional Transportation Center, a transit hub providing commuter access to Downtown Boston and Logan International Airport.
“Emblem 120 is a high-quality multifamily asset built by an experienced developer, and supported by Greater Boston’s robust economy and a Woburn location that offers excellent local and regional access,” said Mesa West Capital vice president Pamir Niaz, who originated the financing along with colleagues Matthew Snyder and Jacob Rosen. “We believe the property will continue to perform given the area’s limited future supply pipeline, coupled with ongoing demand for desirable multifamily housing from a deep and well-employed renter base.”
The financing was arranged by Newmark’s Boston Debt & Structured Finance team led by David Douvadjian, Timothy O’Donnell, and David Douvadjian, Jr.
Tags:
Front Section
MORE FROM Front Section
Front Section
McEvoy of The Conrad Group brokers $2.9 million sale of industrial building
Hingham, MA The Conrad Group has brokered the sale of 55 Research Rd., South Shore Park. The property consists of a 20,340 s/f single story manufacturing building on two acres of land.
Columns and Thought Leadership
5 Questions to ask when choosing a real estate broker - by Elizabeth Perez Barlett
>They say, “April showers bring May flowers,” but this season may bring more movement in the housing market as springtime is one of the most popular times for home buying and selling. Although spring is one of the strongest seasons for the residential market, it may not be all rosebuds and butterflies if you don’t have the right advisors.
Investing in a falling rate environment - by Harrison Klein
Long-term interest rates have fallen by 100 basis points, and the market is normalizing. In December of 2022 I wrote an article about investing in a high interest rate, high inflation market. Since then, inflation has cooled off, and the Fed has begun lowering their funds rate.
The doctor is in: How medical leases differ from retail and office spaces - by Brian Cafferty
As healthcare facilities, often referred to as “Doc in a Box” clinics, increasingly move into traditional retail spaces, landlords are more frequently leasing to medical tenants. Unlike standard retail or office leases, medical facilities come with a unique set of considerations that must be carefully addressed to ensure a successful tenancy.
It’s time to get creative with closed college campuses - by Christian Koulichkov
Facing higher costs, shrinking enrollments, reduced state funding and severe demographic headwinds, many colleges and universities in New England and the Northeast are fighting for survival. The latest to lose the battle is the 150 + year old University of the Arts in