PRC Secures $96M Loan for Redevelopment of Boston Apartment Portfolio
Phillips Realty Capital (PRC) has secured a total of $96.2 million in financing for the refinance and redevelopment of two apartment properties in Boston.
The properties consist of the 187-unit Atrium on Commonwealth, located a quarter mile from Boston University and the 92-unit Longfellow Apartments located just off Harvard Yard in Cambridge. Longfellow offers a variety of studio, one-, two- and three-bedroom floor plans. Comprehensive renovation plans include restoring historic decorative façade elements, updating major systems, and refreshing all unit interiors.
Plans for Atrium on Commonwealth call for replacing the entire façade, structural repairs in the two garage levels, a new roof and window systems, pool deck repairs, and apartment renovations including high end kitchen and bathroom upgrades, ceramic tile walls and floors in bathrooms, and hardwood flooring throughout living areas.
Adam Bieber of PRC led the capital raise along with Harmon Handorf, with underwriting support from Emily Beeler and Bill Wrench. Voya Commercial Mortgage provided funding for Atrium on Commonwealth while Hingham Institution for Savings provided funds for Longfellow Apartments. The borrower was the Hamilton Co.
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.