Boston & New England + Boston + Apartments | June 4, 2021

Värde Partners and Hawkins Way Capital have purchased the Sheraton Boston Hotel in the Back Bay neighborhood of downtown Boston, MA from Host Hotels & Resor.

KeyBank Secures $44M Refinancing for New England MF Portfolio

KeyBank Real Estate Capital has secured a $44 million loan to refinance two multifamily housing properties in New England.

The properties include Saunders Crossing, a 222-unit garden-style apartment complex in Lawrence, MASS. and Greenwich Place, a 168-unit garden-style property in West Warwick, R.I. Amenities at the properties include fitness centers, swimming pools and dog parks. Greenwich Place was built in 2002 and Saunders Crossing was built between 1972 and 2005.

The financing include a $25 million loan for Saunders Crossing and a $19 million loan for Greenwich Place. Both loans are structured with 10-year, interest-only terms. Dirk Falardeau of KeyBank’s Commercial Mortgage Group and Matt Purtell of KeyBank’s Income Property Group structured the financing.

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Inside The Story

KeyBank’s Falardeau

About David Cohen

David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector. Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA. David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.

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