Boston – CBRE has arranged a $63 million refinancing of 145 Front at City Square, a 365-unit multi-family property which is part of a 12-acre master-planned, mixed-use development that has transformed the heart of Worcester, MA.
The loan was arranged though MUFG Union Bank, part of Mitsubishi UFJ Financial Group, Inc. on behalf of the owner Roseland Residential Trust, a subsidiary of Mack-Cali Realty Corporation (NYSE: CLI).
The CBRE team of Michael Sherman and Irene Lu arranged the construction loan takeout in 20 days to meet the borrower’s requirements. In addition, Union Bank offered terms which were of great interest to the borrower.
“The property had just finished lease up, but was not yet economically stabilized, and the client had specific transaction requirements that CBRE and Union Bank were able to arrange in a very tight timeframe,” said Mr. Sherman. “This floating rate, long-term loan provided the stability and flexibility desired by the owner.”
The Front at City Square mixed-use development has become the hub that connects many of the city’s most prominent destinations. The property is comprised of 365 Class A multifamily units offering studio, one-bedroom and two-bedroom floorplans, 10,000 SF of residential amenity areas, 402 parking spaces and approximately 10,405 SF of street-level retail.