Pioneer Financial Group, LLC recently placed permanent financing in the amount of $1.175 million on behalf of 2 Carmel Street, LLC. Managing member Sean Jasie worked with the borrower in securing the loan.
The five-unit mixed-use property is located in Mission Hill. The loan was placed with a south shore bank and has a 5-year fixed rate, set at 5.75%. The building was recently renovated, inside and out, over the past year. There are four apartments and one street level retail unit. The apartment units have open floor plans with granite and stainless kitchens and tile baths. The retail unit features and up and coming pasta chain called Lily's Gourmet Pasta. The Mission Hill location is the company's fourth.
The borrower refinanced the property to take out an existing construction loans, as well as recoup some out-of-pocket rehab costs. The original construction loan was also placed by Pioneer Financial.
"At a time when banks have tightened lending and are really scrutinizing every deal, we are still able to provide our clients quality funding options," said Jasie.