FinanceBoston has arranged $8,300,000 in non-recourse, construction to permanent financing for a 30-unit project in Revere, MA. The property is in a highly prominent location on Washington Ave, and will replace a single-story retail building.
“We have a vision for the site to create much needed new housing at an affordable price point” said Dan Sibor, the developer of the project. ”We are looking forward to breaking ground this spring, and I am excited to see the finished product next year”.
“The financing was completed with competitive terms from a long-standing lender relationship who really liked the project team and attractive land basis“ said Doug Landry, Partner at FinanceBoston, who arranged the transaction. “In Revere, and across all parts of the metro area, there is a shortage of new construction rental apartments that are ‘market-rate affordable’, and this project will help ease that problem by creating critical supply. I am very happy to continue playing a part in getting significant projects off the ground in Revere.”
FinanceBoston Provides Real Estate Capital and Advisory Services to Investors and Developers.
FinanceBoston has the experience, relationships, and expertise to get you the most advantageous financing solution. Contact us today, or Request Financing here.
