Marcus & Millichap successfully facilitated the sale and financing of Harvard Avenue Apartments, a 24-unit multifamily property located in Brookline, MA. The property was sold for $10 million and Marcus & Millichap Capital Corporation (MMCC) secured $3.25 million in financing for the transaction.
According to Matthew Pierce, first VP investments at Marcus & Millichap’s Boston office, Harvard Avenue Apartments presented a unique opportunity for investors to acquire an exceptional asset in one of Greater Boston’s most desirable submarkets. After generating significant interest from potential buyers, we were able to secure a qualified buyer and handle all aspects of the acquisition financing process before closing at just over a 3% cap rate.
Pierce represented Pine Realty Associates as the seller and procured a private investor as the buyer.
Robert Damigella, managing director at MMCC arranged acquisition financing through a local credit union on behalf of the buyer. The loan terms include non-recourse funding with an interest rate of 6.2%, amortized over 25 years with loan-to-value set at 65%.
Built in 1950, Harvard Avenue Apartments is located at48-50 Harvard Ave.and offers studios and one-bedroom units along with off-street parking and onsite laundry facilities.The three-section building is conveniently situated between Coolidge Cornerand Brookline Village,making it highly sought-after among tenants looking for prime living accommodations within this popular area.
