Boston – Fantini & Gorga has arranged $2,500,000 in permanent financing for an eleven-unit apartment building located at 122 Berkshire Street in the Wellington-Harrington neighborhood of Cambridge, MA.
“We expected to generate a lot of lender interest in providing this modest loan given the 50% LTV request and the asset’s Cambridge location. The property is a long-term hold for the borrower who was looking to take advantage of the current low-rate environment.” stated Derek Coulombe, Senior Managing Director at Fantini & Gorga, who together with Lindsay Feig, Senior Director, arranged the financing. “The strong lender interest allowed us to deliver a low fixed-rate, ten-year balance sheet term loan with flexible prepayment terms.”
122 Berkshire Street is a 4-story walk-up apartment building that has laundry and storage space available in the basement on a 4,260 SF land parcel. The property contains eleven units of various types; 5 one-bedroom units, 1 two-bedroom unit, 3 three-bedroom units and 2 four-bedroom units. The apartments feature large bay windows, carpeted bedrooms with large closets, and large eat-in kitchens. The various unit types appeal to a broad group of tenants.
The apartment building is located in a convenient Cambridge neighborhood where tenants can live car free. Shaws and Whole Foods are within walking distance. The MBTA Lechmere Street Station on the green line is located nearby. The property is also close to the Kendall/MIT stop on the MBTA Red Line and the Community College stop on the MBTA Orange Line. The property is steps away from Donnelly Field and the “69 MBTA Bus” that runs from Lechmere to Harvard Square.