FinanceBoston Senior Associate Shane Carthy joined CEO of White Oak Home New England Chris Kerr to tour 105 Belmont Street in Cambridge. The property is being converted to two Luxury town homes.
“We found the property in May of 2021 and went through the permitting process. We liked it because it had 3,000 square feet of existing space,” said Kerr.
FinanceBoston sourced the debt financing of $1,975,000 for property acquisition and construction loan.
Kerr has worked with FinanceBoston on several projects. And is looking forward to working on their next project together in Stowe, Vermont.
He explained, “We use FinanceBoston for the whole process. Shane is very knowledgeable in all aspects, from the real estate side to the construction side and ultimately the financing side.”
Carthy said, “Typically at FinanceBoston we like to go in at the very start and meet with our client and ascertain what the project cost is, what way it is breaking down in terms of the debt and equity. So, we will assemble the capital stack with them.”
Construction on the townhomes is expected to be completed by the of year 2022 and sold in early 2023.
Kerr is a local Hingham-based developer with more than 15 years of experience in construction. White Oak Home New England is a family business with Kerr’s wife Meredith handling interior design.
Kerr said he chose FinanceBoston for many reasons. He explained, “They understand all aspects of the deal. So, on the real estate end they understand current market values. And on the construction end, they have a sense of scheduling, timing, costs, and the amount of effort that goes into building a project.”
Carthy’s father is a builder, and he grew up in the construction business. He said, “We like to consider ourselves part of their team and they are part of ours, almost like a family in some ways, we like to see them grow and be successful the same way we would. So, to see a project start from the bottom very much so and grow all the way to the top and get a good sell out is great for us too.”
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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