BOSTON — FinanceBoston has arranged a strategic joint venture for a project with over 70 proposed units in Revere, MA. The equity will be used for the acquisition of the subject property, currently a three-story defunct nursing home, and to fund pre-development activities necessary to obtain zoning relief to convert the existing building to a four-story, 70+ unit luxury condo project.
“The financing was completed with competitive terms from a highly trusted, repeat equity source who saw my client’s vision for the property“ said Doug Landry, Partner at FinanceBoston. “There is virtually no condo inventory in Revere, and so I have no doubt that this project will be highly successful.”
“We have a lot of experience executing on similar projects like this, most recently 932 Broadway in Chelsea” added Mike Vienneau, Managing Partner at Broadway Capital Inc. “I am excited to help create over 70 new housing units in a market that is currently only delivering rental units.”
FinanceBoston, a real estate capital advisory firm, provides real estate operators & developers with custom capital solutions for acquisitions, developments and refinances. Founded in 2004, FinanceBoston has earned a loyal client base that continuously relies on the firm’s creative capital advisory solutions for both debt and equity needs.
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