North Attleborough, MA Boston Realty Advisors has secured a $30.9 million construction loan for the ground up redevelopment of 21 East St. – a class A apartment property consisting of 193 market rate apartment units and 11,500 s/f of retail.
The redevelopment is replacing the dilapidated L.G. Balfour Building, located in downtown. The site is situated within one of the two designated Opportunity Zones in the city, unanimously supported by the local municipality and the first Opportunity Zone development to be this far along in the state. Boston Realty Advisors worked on behalf of the sponsor, Jones Street Investment Partners. The 5-year loan was provided by Cambridge Savings Bank.
Matt Frazier, founder and CEO of Jones Street Investment Partners said, “Boston Realty Advisors brings an ownership perspective to every engagement. Their due diligence and attention to detail was a perfect match for our data-driven approach to multifamily financing.”
The transit oriented development sits on 4.3 acres and will include a fitness facility, a new restaurant, outdoor parking and shuttle service to multiple MBTA stations. With 193-units throughout four individual buildings, phased delivery will begin in the first quarter of 2020.
The Boston Realty Advisors debt placement team representing the borrower included managing director and partner Nicholas Herz, CEO and founder Jason Weissman, and associate director Kevin Benzinger.
Herz said, “The loan from Cambridge Savings Bank speaks volumes about the future success of suburban development. Jones Street Investment Partners demonstrated an indomitable ability to navigate this opportunity zone investment, creating a true win-win for all stakeholders.”