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.
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| 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
