21 East Street, North Attleborough Financing

ASSIGNMENT: Boston Realty Advisors was engaged by Jones Street Investment Partners to secure a $30.9 million ground-up construction facility for a 193 unit mixed-use development located in North Attleboro, MA. The project replaced the dilapidated L.G. Balfour Building, located in the heart of downtown. This transit-oriented development sits on 4.3 acres and includes a fitness facility, a new restaurant, outdoor parking and Greater Attleboro Taunton Regional Transit Authority (GATRA) bus service to the North Attleboro MBTA commuter rail station.

APPROACH: As the capital partner, working alongside a local developer, Jones Street took control of the financing process after numerous starts and stops with local banks prior to formalizing the joint venture. Boston Realty Advisors ran a comprehensive lender selection process, during the course of which it was determined that the site is situated within an Opportunity Zone. In order to take advantage of this favorable tax treatment, Jones Street needed to recapitalize the project. This created several complexities that required Boston Realty Advisors to identify a mutually agreeable structure that protected all parties.

RESULTS: Matt Ranalli, Co-Founder and Chief Investment Officer of Jones Street Investment Partners said, “Boston Realty Advisors was the ideal transaction partner.  Their knowledge of the capital markets and attention to detail was a perfect match for our approach to multifamily investing.”  The Boston Realty Advisors structured finance team consisting of Managing Director and Partner, Nicholas M. Herz, CEO and Founder, Jason S. Weissman, and, Associate Director, Kevin Benzinger, worked to secure a 5-year loan was provided by Cambridge Savings Bank.  Mr. Herz said, “The loan from Cambridge Savings Bank speaks volumes about the future success of suburban development.”  He continued, “Jones Street Investment Partners demonstrated an indomitable ability to navigate this ozone investment, creating a true win-win for all stakeholders.” 21 East is believed to be the first successfully capitalized Opportunity Zone project in the Commonwealth.