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Old Wharf Dennis Buys Cape Cod Land for $29M
Old Wharf Dennis has purchased a 19.2-acre land in Dennisport, Massachusetts, for $29.2 million from Chases Ocean Grove and secured $18.3 million in first mortgage acquisition financing for the property from Webster Five Cents Savings Bank.
Located at 217, 218, 220, 230, and 241 Old Wharf Rd, the property offers 1,000 feet of beachfront access along Nantucket Sound. The land is encumbered by 277 individual ground leases, which are improved with seasonal cottages.
JLL represented both the seller and the buyer in the transaction. The sale was led by Martha Nay, Alan Suzuki, Matt Enright and Kellie Coveney, and the debt advisory team was led by Jonathan Schneider. Faros Properties worked on behalf of the new owner to secure a five-year, fixed-rate loan.
