BOSTON – FinanceBoston has arranged $6,430,000 in senior debt financing along with $1,150,000 in preferred equity for the acquisition and construction of a boutique condominium development in Somerville, MA.
The project will deliver eight market-rate condominium units across four newly constructed buildings, featuring premium finishes, balconies, and on-site parking. With permits in place and the site shovel-ready, the sponsor is positioned to commence construction immediately.
The financing structure enables the sponsor to efficiently execute its business plan while adding high-quality housing in a supply-constrained urban neighborhood.
“This financing structure provided the sponsor with a flexible capital stack to advance a well-located development in Somerville,” said Shane Carthy, Principal at FinanceBoston. “We continue to see strong demand from both sponsors and capital partners for projects of this size and scope, given their efficient timelines and clear exit strategies. We’re pleased to support our clients in bringing much-needed, thoughtfully designed housing to the Somerville market.”
FinanceBoston, a real estate capital advisory firm, provides real estate operators and developers with tailored debt and equity solutions for acquisitions, developments, and refinances. Founded in 2004, FinanceBoston has built a loyal client base that relies on the firm’s creative and execution-focused advisory services.
