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Construction Financing Arranged for Boston-Area Transit Oriented MF
Braintree, MA-based John M. Corcoran & Co. secured $43.6 million in construction financing for The Commons at Walpole Station in Walpole, MA, roughly 30 miles southwest of Boston. The planned transit-oriented development is located at 100 Elm St.,and encompasses a six-story, 192-unit luxury apartment project with 5,400 square feet of retail/restaurant space.
CBRE’s Kyle Juszczyszyn and Matthew Machiros, along with assistance from Simon Butler, Biria St. John and Michael Riccio, secured first mortgage financing and sourced an equity partner for the construction. East Boston Savings Bank is providing the first mortgage financing.
The fully-permitted site is located directly across from the Walpole MBTA Commuter Rail Station, and the community has direct access to Back Bay and South Station within 45 minutes. The 100% market-rate apartment community will bring much-needed inventory to a supply-constrained market with a current market vacancy of 4.4%.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Financing
- ◦Development