BOSTON– CBRE/New England’s Multifamily Debt & Structured Finance group announced it arranged a $4.1 million loan on behalf of Circle Rental Management to refinance the existing debt for Rosewood Apartment Living, a 42-unit multifamily community located in Salem, NH. The refinance was secured through a local bank.
CBRE/NE Multifamily Debt & Structured Finance group Senior Vice President/Partner, John Kelly and Financial Analyst Sam Dylag procured financing for Circle Rental Management, the long-time owner of the Property. “It was a pleasure to work with the owners on this opportunity. They have thoughtfully managed and maintained this property for a number of years now and we were able to arrange a 10-year fixed rate loan with very attractive terms. The refinance matches their long-term ownership horizon with a low cost of capital.” said CBRE/NE’s John Kelly.
“We were very pleased with the results of this refinance to lock in excellent terms while interest rates are still near historic lows. CBRE was able to get a local lender to execute on an expedited timeline,” stated Principal Larry Jacobs.
Rosewood Apartment Living is located in the central section of Salem, New Hampshire and was originally developed in 1968. There are 7 colonial-style, three-story buildings each containing 6 units situated on 4.62 acres of land. The well maintained buildings positioned in a campus-like cul-de-sac setting with generous landscaped areas including trees and shrubbery planted throughout.
This apartment community is located just minutes away from Exit 1 & 2 off of I-93 in downtown Salem, NH. In walking distance from/to Salem High School, Woodbury Middle School, Salem Boys & Girls Club, Town Hall, and the Kelly Library.