Colliers has successfully arranged a $62 million refinancing for Addison, a 230-unit apartment community located in East Boston, MA. The loan was secured by the Colliers team consisting of Jeffrey Black, Bryan Koop, Sean Burke, Kevin Phelan and Matthew Lombardi on behalf of a joint venture between Redgate Capital Partners, North River Company and ELV Associates Inc. The refinancing was provided by CrossHarbor Capital Partners.
Addison offers an array of amenities including an outdoor pool, work-from-home offices with industrial kitchens and basketball court access. It also features multiple lounges and a maker space equipped with 3D printers and art supplies. Conveniently situated near Route 1A as well as the MBTA Blue Line’s Orient Heights T station providing direct connectivity to Logan International Airport and Downtown Boston.
According to Bryan Koop “The development team’s expertise combined with their meticulous attention to detail when designing Addison is evident in every aspect of the building’s identity.” He further added that “The debt market displayed strong interest in this opportunity which highlights the depth of liquidity pursuing core multifamily properties backed by top-tier sponsors.”
This successful transaction marks another milestone for Colliers’ expertise in securing financing for premier multifamily properties like Addison without mentioning any specific location or company names.
