NorthMarq Capital arranges $34.4 million refinance for Parkside Commons Apartments in Chelsea, Massachusetts
Parkside Commons Apts
BOSTON (June 11, 2014) – James Murphy, managing director of NorthMarq Capital’s Boston based regional office secured the $34.4 million refinance for Parkside Commons Apartments, a 238-unit multifamily property located at 100 Stockton Street in Chelsea, Massachusetts. The property is owned by John M. Corcoran & Co. and Guardian Life Insurance Company and managed by Corcoran Management Company, Inc. The transaction was structured with a 7-year term with 5-years of interest only. “We are grateful for the opportunity to work with one of the area’s premier multifamily development and ownership groups,” said Murphy. “The lender easily recognized the quality of this class ‘A’ LEED Silver Certified asset, along with the strength of the sponsorship and was able to provide a competitive loan structure that offered the rate and flexibility required to win the deal.”
About Northmarq
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 $78 billion and has completed $69.5 billion in transactions over the past three years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide. For more information, visit www.northmarq.com.
