Pioneer Financial Group, LLC recently placed permanent financing in excess of $2 millon on behalf of Gore Street LLC. Managing member Sean Jasie worked with the borrower in securing the loan.
Pioneer Financial Group worked with a local bank in securing a $2.25 million refinance facility to take out an existing construction loan that had matured. The closing took approximately 60 days to complete from request to funding. The note carries a 6.5% interest rate. The property consists of two adjacent three-story buildings, housing a total of six condo units. The developer recently completed a total gut renovation of both buildings, dividing the total square footage into six high-end condo units.
Each unit features pine wood floors, a steam room, two full bathrooms appointed in marble, along with hand made windows, cabinetry and closets. The kitchens feature granite countertops and high-end stainless appliances. The property includes onsite parking. The property is close to both the Lechmere and Kendall Sq. MBTA stations.
"This refinance was a no-brainer for our lender. Even though it involved a mature condo construction loan, the unit craftsmanship, property equity and the phenomenal property cash flow gave our lender piece of mind," said Jasie.
Pioneer Financial Group is a commercial finance company that offers brokerage, consulting, appraisal and insurance capabilities to commercial clients in need of financing.