BOSTON (May 4, 2015) – Matt Marshall, vice president of NorthMarq Capital’s Boston based regional office arranged the $3.9 million refinance of a 42,200 sq.ft. office building located at 114-124 Gerard Street in Roxbury, Massachusetts. The transaction was structured with a 9-year term and 25-year amortization schedule. NorthMarq arranged financing for the borrower through its relationship with a regional credit union.
“It was great working with this repeat client to facilitate the financing on a newly renovated brick and a beam office building in New Market Square,” said Marshall. “The sponsors are bringing to the neighborhood the kind of quality you’d see in a downtown Boston structure and sets a new bar going forward. The lender realized the strength of sponsorship and structured creative, flexible loan to meet the client’s needs.”
The redevelopment is a partnership between Urban Core Development & DDJB Real Estate Holdings. Urban Core targets investment opportunities directly in the path of gentrification and public investment; they manage the entire process from acquisition, design and construction, asset management, and lease up.