RISE and btcRE Land $23M for Everett Multifamily Development
RISE and btcRE have secured $23 million in funding to construct a new apartment building at 52 School Street in Everett, MA.
Located in a residential neighborhood on the periphery of Everett’s Commercial Triangle Economic Development District, the $23 million financing package includes a $15 million construction loan and $8 million in joint venture equity. It will support the construction of 46 modern apartment units.
“Everett is an amazing city, undergoing a significant transformation while also making an effort to preserve its character and what makes this coastal community unique,” shared Herby Duverne, founder and CEO of RISE. Colliers arranged the financing with a team led by Tom Welch, Adam Coppola, and Patrick Boyle.
Emily Fu is Content Director of Connect Commercial Real Estate, where she covers the east coast markets, including New York, Boston & New England, and DC & Mid-Atlantic markets. She produces daily news stories as well as longer-form content, ranging from Q&As to thought-leadership pieces. She also writes feature stories for Connect Money.
With previous stints at Reuters, Seeking Alpha, and Commercial Observer, Emily has covered the finance side of the commercial real estate industry, technology, media, telecom (TMT), and fashion. She attended the Columbia Graduate School of Journalism and currently resides in Manhattan.