BOSTON– CBRE/New England’s Multifamily Debt & Structured Finance group announced that it secured a $23.5 million first mortgage loan to refinance the existing debt on Cabot Crossing, a 252-unit multifamily community in Lowell, MA.
The owner, Taurus CD 165 Bowden Street MA LP, an affiliate of Taurus Investment Holdings and PhilMor Real Estate Investments, had originally acquired the building in 2013 and implemented a highly successful unit upgrade and capital improvement plan.
CBRE/NE Multifamily Debt & Structured Finance group Senior Vice President/Partner John Kelly and Senior Financial Analyst Sam Dylag arranged the financing for the Owners. “It was a pleasure to work on behalf of our client. Over the past 2 years, they worked to create significant value with their targeted capital improvement plan” said CBRE/NE’s John Kelly. “We were able to widely market this financing to a variety of lending sources which allowed the client to recapitalize the asset, return equity from their initial investment, and have financing terms that match the business plan of this excellent ownership group.”
“The refinance allows us to lock in record-low interest rates and continue our capital improvements. We look forward to completing the upgrade program and the continued success of this asset” stated Taurus Investment Holdings CEO Peter Merrigan.
“We recognized that there is volatility of the debt markets and our strategy was to leverage this by creating a competitive process for the financing with long term debt. We were very pleased with the response from the market and overall execution of the transaction” said Phil Bakalchuk of PhilMor Real Estate Investments.
Cabot Crossing is a 252-unit multi-family garden property located at 130 Bowden Street in Lowell, Massachusetts. The property is situated on 15.26 acres of land and was constructed in 1986. It consists of seven, three story, garden-style apartment buildings and a two-story clubhouse. The unit mix is comprised of 28 (11%) studio units, 168 (67%) one-bedrooms and 56 (22%) two bedroom apartments with an average size of 536 square feet. Units offer fully applianced kitchens, balconies and laundry in every building.
Project amenities have also been renovated and include an active clubhouse with multi-station exercise room, TV lounge, saunas, Jacuzzi, locker rooms, outdoor swimming pool and picnic areas.