SHREWSBURY, N.J. — December 17, 2021 — Berkadia announced today the financing secured for Brookline Cambridge Portfolio, a five-property multifamily portfolio located in Massachusetts. Managing Director Robert Lipson of Berkadia Shrewsbury secured the $64.15 million in refinancing through Freddie Mac on behalf of the borrower, Massachusetts-based Chestnut Hill Realty. The deal closed on October 29.
“We were pleased to work with Freddie Mac to structure this financing for a long term, quality client,” said Lipson. “Both markets overcame strong headwinds from COVID-19 restrictions to return to 100 percent occupancy this fall and refinance these maturing loans as the properties refilled with tenants.”
The two properties located in Brookline, Massachusetts include:
Auburn Harris Courtyard is located at 34 Harris Street. The newly renovated mid-rise multifamily property features one- and two-bedroom floor plans with in-unit washers and dryers and hardwood floors. Community amenities include two courtyards.
St. Paul Gardens is located at 50 Alton Place in Brookline, Massachusetts. The 80-unit midrise multifamily property features one- and two-bedroom floor plans with hardwood floors. Community amenities include two courtyards.
Both properties are located in the heart of Coolidge Corner and afford residents convenient access to Longwood Medical Area, downtown Boston and the shops and restaurants along Beacon Street.
The three properties located in Cambridge, Massachusetts include:
Wendell Terrace is located at 19 Wendell Terrace. The 42-unit garden-style multifamily property features studio-, one- and two-bedroom floor plans with air conditioning and walk-in closets. Community amenities of the property include a fitness center and laundry facilities. Residents are afforded convenient access to Harvard University, Harvard Square and the shops and restaurants along Massachusetts Avenue.
Brattle Arms is a 39-unit midrise multifamily property located in the heart of Harvard Square at 60 Brattle Street in Cambridge, Massachusetts. The property features one- and two-bedroom floor plans with air conditioning. Community amenities include laundry facilities. Residents are afforded convenient access to Harvard University and the shops and restaurants in Harvard Square.
John Harvard Apartments is a 34-unit midrise multifamily property located at 1 Langdon Street in Cambridge, Massachusetts. John Harvard Apartments features studio-, one-, two- and three-bedroom floor plans with air conditioning. Community amenities include a laundry facility, a basketball court and an outdoor picnic area. Residents are afforded convenient access to Harvard University, Harvard Square and Lesley University.