BOSTON (Nov. 4, 2019) – Berkadia announces it has secured $49.725 million in acquisition financing for Riverbend on the Charles, a stabilized 170-unit multifamily community in the Boston suburb of Watertown, Massachusetts. Senior Managing Director Charles Foschini and Managing Director Christopher Apone of Berkadia’s Miami office arranged the loan on behalf of Harbor Group International, a global real estate and investment firm based in Norfolk, Virginia.
PNC Bank originated the 7-year, fixed rate loan with partial interest only and a 65 percent LTV.
“Best in class assets and sponsors continue to attract amazing capital,” said Foschini. “Locking a rate at just over 3 percent, our client assured a very strong cash-on-cash return for their investors from the first date of their acquisition.”
Built in 2014, Riverbend on the Charles is located at 270 Pleasant Street. Studios, one- and two-bedroom units include stainless steel appliances, hardwood flooring, quartz countertops, espresso stained wood cabinetry, washer/dryer and large walk-in closets. Community amenities feature a clubhouse with billiards room, large bike storage room, solar panel heated pool, fitness center, storage units and a dog park.
Situated about 10 miles west of central Boston, the community is less than one minute away from Route 20, offering easy to the city’s urban core and the greater metro area. The asset is also close to the Route 128 office market which includes Waltham, Burlington & Woburn and Lexington & Arlington, offering a mix of established corporations and growing businesses including Raytheon, ADP and Vistaprint, as well as over 65,000 employees.