Boston – On behalf of Gerding Edlen Development, CBRE’s Debt & Structured Finance team secured acquisition financing for the purchase of Neponset Landing, a 280-unit apartment community located in Quincy, MA.
CBRE’s John Kelly and Pete Marino arranged the acquisition loan through Bank of America on behalf of the client.
“We are pleased to have assisted Gerding Edlen Development with the financing of this community. By creating a competitive market, we were able to secure the best available financing terms to match our client’s business plan,” noted CBRE’s Kelly.
“Neponset Landing offers residents a great transit-centric location with views of the Boston Harbor and city skyline. We look forward to rolling through a planned capital improvement project that will enhance the living experience for each resident,” added Gerding Edlen Development’s Matt Edlen.
With excellent view of both the Boston Harbor and the downtown city skyline, Neponset Landing stands as a premier value alternative to the soaring rental rates found throughout neighboring Boston, which has experienced 5.6% growth in its average apartment rental rate throughout the last year alone. This transit-centric community is situated along Boston’s MBTA Red Line, which boasts the highest ridership figure within the entire MBTA system. The Red Line immediately connects the property to the extensive employment base situated along the southern portion of this subway route.