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, which includes Jeffrey Black, Bryan Koop, Sean Burke, Kevin Phelan and Matthew Lombardi. It was obtained on behalf of a joint venture between Redgate Capital Partners,North River Company and ELV Associates Inc., with CrossHarbor Capital Partners providing the refinancing.
Addison boasts an array of amenities including an outdoor pool,a work-from-home office space,a fully equipped industrial kitchen,a basketball court,multiple lounges,and even a maker space complete with 3D printers and art supplies. Its prime location offers easy access to Route 1A as well as the MBTA Blue Line’s Orient Heights T station,giving residents direct connectivity to Logan International Airport and Downtown Boston.
According to Bryan Koop,”The development team’s expertise shines through in every aspect of Addison’s design.” He further added that “the strong interest shown by the debt market for this opportunity is indicative of both its quality as well as the high demand for core multifamily properties backed by top-tier sponsors.”
This successful $62 million refinance deal marks yet another milestone achievement for Colliers’ experienced team who continue to deliver exceptional results in Q4 2021.
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