Rendering of 30 B Street - South Boston, MA

South Boston, MA Stephen Smeke  of GoldCoast Commercial Mortgage, LLC arranged financing for a 32 unit condominium construction project at 30 B St. with gross projected sales exceeding $20 million. GoldCoast brokered the transaction through an established regional lender who had not previously been active in the city of Boston.

Stephen Smeke, GoldCoast Commercial Mortgage, LLC

The client GFC Development Inc., one of the city’s leading general contractors, real estate developers, and real estate investment firms, and the sponsors of the 28-30 B Street Acquisitions LLC, broke ground on the new, five-story, 49,000 s/f residential condominium project called ARYA Condominiums located at 30 B St. The proposed project includes the demolition of three existing structures and the construction of a five-story building that will house 32 contemporary condominium units and 33 parking spaces.

28-30 B Street Acquisitions LLC obtained a cost-efficient interest rate on the $12.3 million mortgage representing 82% loan-to-cost.

GoldCoast Commercial Mortgage was co-founded in 2013 by Smeke with the purpose of bringing a more efficient process to clients seeking competitive financing in the small balance and middle markets.