SHREWSBURY, N.J. – March 5, 2022 – Berkadia today announced the financing secured for Norwest Woods, a garden-style multifamily property in Norwood, Massachusetts. Managing Director Robert Lipson of Berkadia Shrewsbury secured the $90 million in permanent refinancing for the property on behalf of the borrower, Massachusetts-based Chestnut Hill Realty. The deal closed on March 1.
The 15-year Freddie Mac loan features a low-interest rate and a lengthy interest-only period followed by a 30-year amortization schedule.
“Norwest Woods marks another successful closing between Chestnut Hill Realty, Berkadia and Freddie Mac,” said Lipson. “We were happy to continue our 26-year-long lending relationship with the sponsor and provide them with a long-term fixed rate loan that reflects their investment in the community.”
Located at 1 Norwest Drive in Norwood, Norwest Woods features one-, two- and three-bedroom floor plans with air conditioning, spacious closets and modern kitchen appliances. Community amenities include a tennis court, a basketball court, a fitness center, an activity room, on-site parking, a swimming pool, a sundeck and a free shuttle to the MBTA. Residents are afforded convenient access to the Westwood Recreation Department, Shattuck Park and several other nature paths and trails.