Lynn, MA. (April 24, 2018) – Berkadia announces that it has secured a $5.3 million refinance loan secured by the Shore Village Apartments, a 45-unit, mid-rise apartment community located in Lynn, MA.
Ryan Nelson, Anthony Golebiewski and Todd Rixon of Berkadia’s Boston office, arranged the loan on behalf of the Gallo Family. Nelson manages the Boston office of Berkadia and spearheads the arrangement of debt and equity capital for all commercial real estate product types.
The Gallo family developed this senior apartment property in 2015. The Gallo family has over 40 years of successful experience in the local Massachusetts construction industry including residential, commercial and municipal projects.
The 10-year fixed-rate Freddie Mac loan came with an attractive interest rate and the ability to access Freddie Mac’s supplemental loan program during the loan term.
“Shore Village is a very well-built property. Berkadia sees this location as an underserved market for senior apartments, as evidenced by the property’s 100% occupancy. We were thrilled to have had an opportunity to work with such a great borrower”, said Berkadia’s Ryan Nelson.
Shore Village Apartments is located at 137 Eastern Avenue in Lynn, MA. The property sits approximately 10 feet from the town border of Swampscott and 12 miles north of downtown Boston. The community amenities include a WiFi equipped community lounge, furnished community roof deck and a fitness center for its residents to enjoy.