Walker & Dunlop, Inc. has successfully arranged $137,288,000 in financing for the acquisition of LUKA on the Common in downtown Boston. The 30-story multifamily property consists of 398 units and was acquired by Carmel Partners from AvalonBay Communities.
The financing was provided by Fannie Mae and is reportedly the highest price paid for a Boston apartment complex in over a year. Walker & Dunlop’s Boston Investment Sales team, led by managing directors Travis D’Amato and Michael Coyne, facilitated the sale of LUKA on behalf of AvalonBay Communities.
At the same time as facilitating this sale transaction, Walker & Dunlop’s Multifamily Finance team secured acquisition financing for Carmel Partners through a five-year loan with full interest-only payments and an early-rate lock structure. According to Jeff Burns from Walker & Dunlop Multifamily Finance team: “Boston’s multifamily market is one of strongest in the nation due to limited supply both currently and projected into future.”
The scarcity of housing options has resulted in strong rent growth as well as demand for condominiums being impacted positively – allowing us to successfully refinance alongside our partners at Carmel.” Previously known as AVA Theater District before its rebranding under new ownership with LUKA on The Common name change.
Join industry leaders at Connect Tri-State Multifamily event taking place October 1st at Studio Gather located at 45 Rockefeller Plaza NYC where experts will discuss current market trends along with future development opportunities across Tri-State area multifamily landscape.
