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Colliers Team Arranges Permanent Loan on Middleborough Apartments
Colliers International said EVP Jeff Black and AVPs Sean Burke and Bryan Koop of its Capital Markets team recently arranged $48 million in permanent financing for a newly- constructed 234-unit multifamily community in Middleborough, MA. The 10-building Woodlands Apartments from Cranberry Management LLC offer a diverse combination of one, two and three-bedroom units.
Given the staggered delivery of the community’s 10 buildings over a multi-month timeline, the Colliers team worked to engage a lender willing to enter the deal early to commence the closing process, and then fund immediately after the completion of construction and leasing.
“We were able to work with People’s United Bank to structure creative permanent financing that fit the project’s development timeline,” said Burke. “Due to the quality of the construction and management, our client was able to complete and lease the final phase despite the tough time in the leasing season.”
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- ◦Financing
