CAMBRIDGE--Senné has secured a $4,780,000 portfolio refinance collateralized by a three-building, 11-unit multifamily portfolio in Cambridge and Somerville, MA. The loan included a significant cash-out component and an additional holdback of good news funding for achieving leasing goals in 2018. The lender, a local Boston-based bank, held the interest rate of 4.30% despite sharp increases in the index rate since the issuance of terms. The loan amortizes over 30 years, with open prepayment after three, and included no lender fees. If you'd like to discuss similar real estate capitalization strategies, navigate to our contact page to speak with one of our Investments & Finance consultants.
CAMBRIDGE--Senné has secured $1,868,750 in acquisition financing, including future funding for environmental remediation, for a development parcel located at 95-99 Elmwood Street in Cambridge, MA. At approximately 17,500 SF (.4 acres) of land, the former site of Dick's Auto Body is adjacent to the Minuteman Bike Path and is in close proximity to Davis Square. The buyer is in the process of permitting the site for mixed-use redevelopment. Senné procured the financing on behalf of the ownership entity, closing in under 45 days from application, following discussions with a number of regional lenders. For more information on this transaction, or to find out what Senné can do for you, contact us at (617) 314-9400.