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.”
Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq’s solid foundation and entrepreneurial approach have built a loan servicing portfolio of more than $76 billion and a two-year transaction volume of $52 billion. For more information, visit www.northmarq.com.
