Boston – Colliers International announced that its Boston-based Capital Markets group has arranged $21.9 million in financing for Linea Cambridge, a newly constructed, 67-unit boutique multi-housing community located at 1 Whittemore Avenue in Cambridge, Massachusetts.
Colliers worked exclusively on behalf of the borrower, Tyler Court L.P., a special purpose entity wholly-owned by the Fawcett family and third party managed by Nordblom Company, to secure the 25-year, 3.41 percent fixed-rate loan through Principal Real Estate Investors, LLC. Loan proceeds were used to pay off existing construction financing.
Completed in Q4 2015, this transit-oriented community was developed, leased and managed by Nordblom Company on behalf of the Fawcett family as a generational investment. Built to LEED Platinum standards of sustainability, Linea Cambridge features 59 (88%) market-rate units and 8 affordable units (12%). The property’s 1-, 2- and 3-bedroom units and spacious 4-bedroom private-entrance townhomes feature luxury finishes including premier kitchens topped with black granite, stainless appliances, en-suite laundry, video-screen intercoms, private decks, patios and juliet balconies.
Community amenities include direct and private access to Linear Park, a central courtyard with gas grills and outdoor seating, fitness center, private dog park and pet washing center, two bike garages, a bike repair station, private conference/business meeting rooms, and 67 parking spaces.
Located on Linear Park – the tree lined spoke of the Minuteman Bikeway – Linea is well-positioned to capture surging demand for transit-oriented living in one of the region’s best live-work-play-learn locations. The community is strategically situated on a high profile, nearly 3.0-acre urban infill site just off of Massachusetts Avenue (Route 2A) and within walking distance to the Davis Square and Alewife MBTA Red Line stations, providing direct connectivity to Cambridge’s Kendall Square and Boston’s Central Business District, two of the strongest employment markets in the United States. Some of the region’s top dining, entertainment and shopping destinations including Davis Square, Union Square, Harvard Square, Kendall Square and Downtown Boston are also easily accessible and rich with amenities.
The Colliers debt placement team representing the borrower was led by senior vice president Jeff Black and associate Patrick Boyle.
“We took the property to market while in its final lease-up phase and were pleased to see the level of interest the debt market showed in Linea Cambridge. I appreciate the confidence that the Fawcett family and their advisors at Nordblom Company placed in our team,” said Black. “This transaction was an important step in the family’s generational stewardship of the property.”
