Northmarq arranges $24.5M new construction loan, $6M preferred equity for new Essex St Melrose apartments
MELROSE, Mass. — Northmarq’s Boston Debt + Equity team led by Jeffrey Munoz and Michael Chase successfully arranged the $24.5 million new construction financing and $6 million in preferred equity for the planned mid-rise apartment multifamily community located at 164 Essex St. in Melrose, Massachusetts.
Northmarq arranged the construction-to-permanent on behalf of the borrower, Szecon Development, through a relationship with a local bank. The transaction was structured on a five-year term. The firm also arranged the preferred equity to fully capitalize the project.
“This project will bring desperately needed housing supply to the Greater Boston area,” Munoz said. We are excited to have partnered up with a local developer and capital sources to bring this project to fruition. In a tightening capital environment, this is proof that under-supplied cities like Melrose will continue to grow.”
The Essex St. development is an 80-unit mid-rise mixed income rental development. The proposed community would feature a mix of studio, one-, two- and three-bedroom units as well as parking spaces, a roof deck, work-from-home spaces, lounge, and bicycle room.
The site is located within walking distance of the MBTA Cedar Park commuter rail Haverhill Line stop and two MBTA bus stops, and it is within close proximity of Melrose’s downtown amenities. The development is re-imagining a surface parking lot once used to support Melrose-Wakefield Hospital overflow parking and the nearby commuter rail.
Meet our team
Northmarq is one of the largest privately held commercial real estate firms in the United States, combining a nationwide presence with deep local expertise. With more than 50 offices across the country, we provide a full suite of debt, equity, investment sales, loan servicing and fund management solutions for a comprehensive range of property types. Our unique structure allows us to connect clients with the best opportunities, yet be nimble enough to ensure access to every expert across our company. The firm manages a loan servicing portfolio of over $80 billion and has completed $91.3 billion in transactions over the past fours years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide.
