Tuesday, May 28, 2013

HFF secures $23 million construction/permanent financing for Cambridge, MA multi-housing project



 The three-building Wyeth development rendering, Cambridge, MA

BOSTON, MA – HFF announced today that it has secured $23 million in financing for The Wyeth, a three-building, 63-unit multi-housing development in Cambridge, Massachusetts.

Greg Labine
                Working exclusively on behalf of Broder Properties, HFF placed the 15-year, fixed-rate financing with Eastern Bank.  The loan will fund construction of the property and convert to a permanent loan thereafter.
                The Wyeth consists of 45 Yerxa Road, a 19-unit property renovated in 2008, and 120 and 124 Rindge Avenue, partially completed multi-housing buildings with 28 and 16 units respectively.

  Broder bought the properties out of foreclosure and is renovating 120 and 124 Rindge to LEED Platinum standards. 

  The properties are located between Porter Square and the Fresh Pond/Alewife neighborhood of Cambridge close to Davis Square, Interstate 93 and the Massachusetts Turnpike as well as MBTA stations at Porter Square and Alewife providing access into downtown Boston.  The 2.27-acre site also includes 97 surface parking spaces.

                The HFF team representing Broder Properties was led by director Greg LaBine.

                “Broder intends to hold these properties long term as a core portion of their growing portfolio,” said LaBine.  “Eastern Bank provided Broder with construction funds to complete the renovations while allowing Broder to lock in long-term rates in the current attractive interest rate environment.”

                Broder Properties is a privately-funded real estate partnership based in Boston’s Back Bay. 

For a complete copy of the company’s news release, please contact:

Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 

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