BOSTON — Boston Realty Advisors has plenty left in its pipeline for the rest of this summer, but the team did just finalize another Beantown listing, with 73 Mount Vernon St. selling for $6.7 million to an entity managed by David Wayne Daniel from Kenley Realty Co. and its general partner, Peter Swartz, with Rockland Trust Co. funding 73 Mount Vernon Street LLC’s purchase via $8.7 million in mortgage financing.
Weissman was joined on that assignment by Kevin Benzinger with Nicholas Herz on the debt prospects. While Weissman could not discuss the matter or plans the new owner might have for 73 Mount Vernon St., his firm had touted the 8,525-sf, nine-unit apartment building as an asset primed for condominium conversions thanks to a Beacon Hill location and heavy demand for upscale units.
As in the case of the fresh Newbury Street exclusive, 73 Mount Vernon St. had been owned for an extensive period by the same group, with its prior trade dating way back in July 1974 when the property constructed in 1899 could be had for $145,000.
The building that sits on a 3,275-sf parcel was upgraded in 2012. As detailed in a Real Reporter article unveiling its availability, 73 Mount Vernon St. was also touted for brick construction, law space and generous window lines plus vistas of the downtown and Charles River from its rooftop.
BRA had launched the property on an un-priced basis, but did predict a robust reaction that seemingly proved true in yielding the client a lofty $785 per sf compared to the $17 per sf spent in summer 1974.
View the original article on The Real Reporter.Tags: Capital Markets, Jason Weissman, Kevin Benzinger, Multi-Family, Nicholas Herz