FinanceBoston has arranged $5,000,000 in mezzanine financing for the pre-construction activities associated with a planned 420-unit residential project in Charlestown. The property is in a highly prominent location in Sullivan Square, with easy access to the MBTA Orange Line, visibility from I-93, and located in the midst of a master planned redevelopment of Sullivan Square currently being spearheaded by RISE.
“We have a vision for Sullivan Square to create an abundance of much needed new housing” said Herby Duverné, Principal of RISE. “In order to do that, we need to first take the project through the permitting process on the way to a successful ground break later this year”.
“The financing was completed with competitive terms from a long-standing lender relationship who really liked the attractive basis of the assemblage orchestrated by RISE,“ said Doug Landry, Partner at FinanceBoston, who arranged the transaction. “In Charlestown, and across all parts of the metro area, there is a shortage of new construction rental apartments, and this will only help alleviate that problem by creating critical supply.”
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