BOSTON, MASSACHUSETTS (January 10, 2022) – Jeff Munoz, vice president of Northmarq’s Boston-based regional office completed the $7 million refinance of Stonley Park Apartments. The 32-unit/4-story class A multifamily property (originally built in 2019) is located at 76 Stonley Road in Jamaica Plain (Boston MSA), Massachusetts. The transaction was structured with a 10-year term with 5-years of interest only followed by a 30-year amortization schedule. Northmarq arranged financing for the developer through its correspondent relationship with a life insurance company.
“We are excited to have secured long-term financing through our life company correspondent on this transit-oriented apartment building,” said Munoz. “The surrounding neighborhood is undergoing a transition from a historically industrial pocket to a walkable residential/commercial center.”
Located in the Jamaica Central-South Sumner neighborhood of Jamaica Plain, the property is within an eight minute drive to three institutions of higher learning: Wentworth Institute of Technology, Massachusetts College of Art and Design and Massachusetts College of Pharmacy and Health. Other nearby attractions include three retail strip centers located within 1.9 miles, Franklin Park Zoo (2 miles), Lower Neponset River Trail (2.2 miles), Mass Audubon’s Bonst nature Center and Wilfelife Sanctuary (2.3 miles), Arnold Arboretum of Harvard University (2.6 miles) and Frederick Law Olmsted National Historic Site (3.2 miles). For commuters, downtown Boston is only a short trip away.
One of the principles for the developer, Bryan Austin stated, “We were the first to bring residential units to this light industrial area of Forest Hills. This part of Jamaica Plain has a dynamic community and has seen considerable change in the past few years. We listened to the neighbors and designed our building to echo the many three-family dwellings in the neighborhood of Stoney Brook by providing porches, benches and greenery along Stonley Street. Our hopes are for the future development of the bus yard.” He went on to add that “This is perhaps one of Boston’s finest opportunities to make a neighborhood by bringing in parks, playgrounds, housing, and community spaces. Working with NorthMarq to refinance our project was a win. We gained excellent terms with an established lender and allowed our portfolio to gain exposure in a competitive marketplace. We look forward to working with NorthMarq in the future.”