Category: Financial Digest

With year-end comes the pleasure of tax preparation, but every year the rules are certain to change. Will you have enough losses to cover your tax liability, or heaven forbid, will you be writing a large check? Commercial property owners have a number of extremely lucrative tools at their disposal - would any of the seven following strategies work for you?

Boston, MA Cornerstone Realty Capital arranged $15.8 million for the refinance of a 47-unit apartment property located in the Fenway neighborhood of the city.  The property consists of a single, four-story apartment building and contains a mix of studios, one-bedroom, two-bedroom, and three-bedroom units.

Boston, MA According to law firm Sherin and Lodgen LLP, its renewable energy practice group represented lender Cambridge Savings Bank in a $32 million loan facility to affiliates of Kearsarge Energy for construction and permanent financing of six solar photovoltaic and energy storage systems

Boston, MA Fantini & Gorga has completed the placement of a $5.5 million permanent loan for a mixed-use Newbury St. property.  Derek Coulombe, senior managing director at Fantini & Gorga structured and placed the financing with a regional bank

Framingham, MA New York-based Eagle Rock Properties has secured $323 million in financing for a 1,314-unit portfolio of five multifamily properties located in MA and NH.  The properties are situated in Framingham, Swampscott and Brighton, Mass. and in Nashua, NH.

Worcester, MA MassDevelopment has issued a $19.64 million tax-exempt bond on behalf of 120 Washington 4 LLC, an affiliate of Boston Capital Development, LLC, which will use proceeds to construct 59 units of mixed-income affordable rental housing at the site of the former headquarters of Table Talk Pies at 120 Washington St.

Boston, MA The Real Estate Finance Association (REFA) has named its board of directors for 2023.  Nilesh Bubna, founding partner and CFO, Longpoint Realty Partners, will serve as president, along with president-elect Ravi Ragnauth, CFO, Berkshire Residential Investments, and treasurer, Jill Sharif, VP, National Business Development, Commonwealth Land Title Insurance Company NCS.

New Haven, CT Marcus & Millichap Capital Corp. (MMCC) arranged a $3.64 million loan for Chapel Street Lofts, a 36,000 s/f, four-story multifamily property featuring 23 loft-style apartments located at 441 Chapel St. The financing was secured by Robert Noeldechen, first vice president, capital markets

Quincy, MA Father Bill’s & MainSpring (FBMS), a regional leader of services to prevent and end homelessness, has been awarded a $100,000 grant from the South Shore Bank Charitable Foundation in support of the non-profit’s innovative Yawkey Housing Resource Center.

Fall River, MA Hajjar Management Co., Inc. secured $7.4 million from Rockland Trust for the redevelopment of the vacant three-story former Notre Dame Grammar School. The former 45,640 s/f school located at 34 Saint Joseph St.,

Chelsea, MA Cambridge Savings Bank (CSB) is the lead bank in a $93 million construction loan to support the Innes Redevelopment project, with the development of two new multi-purpose buildings. The project is being led by co-developers John M. Corcoran & Company and Joseph J. Corcoran Company

Rocky Hill, CT Washington Trust’s Commercial Real Estate Group has provided $27 million in permanent financing to Rocky Hill Properties, LLC, for its 144-unit, class A multifamily property located at 11 Kensington Ln.