NorthMarq Capital arranges $34.4 million refinance for Parkside Commons Apartments in Chelsea, Massachusetts

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.”