 (1).gif)
News:
Finance
Posted: January 8, 2016
Kelly and Dylag of CBRE place $4.1m loan for Circle Rental Mgmt.
Rosewood Apartment Living - Salem NHSalem, NH CBRE/New England’s multifamily debt & structured finance group arranged a $4.1 million loan on behalf of Circle Rental Management to refinance the existing debt for Rosewood Apartment Living, a 42-unit multifamily community. The refinance was secured through a local bank.
CBRE/NE multifamily debt & structured finance group senior vice president/partner, John Kelly and financial analyst Sam Dylag procured financing for Circle Rental Management, the long-time owner of the property.
John Kelly, CBRE New England
Sam Dylag, CBRE/New England
“It was a pleasure to work with the owners on this opportunity. They have thoughtfully managed and maintained this property for a number of years now and we were able to arrange a 10-year fixed rate loan with very attractive terms. The refinance matches their long-term ownership horizon with a low cost of capital.” said Kelly.
Rosewood Apartment Living is located in the central section of town and was originally developed in 1968. There are 7 colonial-style, three-story buildings each containing 6 units situated on 4.62 acres of land. The well maintained buildings positioned in a campus-like cul-de-sac setting with landscaped areas including trees and shrubbery planted throughout.
“We were very pleased with the results of this refinance to lock in excellent terms while interest rates are still near historic lows. CBRE was able to get a local lender to execute on an expedited timeline,” said principal Larry Jacobs.
This apartment community is located minutes away from Exit 1 & 2 off of I-93 in downtown. In walking distance from/to Salem High School, Woodbury Middle School, Salem Boys & Girls Club, Town Hall, and the Kelly Library.
Tags:
Finance
MORE FROM Finance
C-Lounge Capital provides $18m equity investment for $40m acquisition of Fountains of Boca Raton by Interface Properties
Boca Raton, FL C-Lounge Capital provides $18m equity investment for $40m acquisition of Fountains of Boca Raton by Interface Properties. C-Lounge Capital is a relationship-driven family office investment platform backed by more than 50 years of commercial real estate experience.
 (1).gif)
Quick Hits
Columns and Thought Leadership
The focus on price per s/f compared to the comparable sales used in the appraisal report - by Dennis Chanski
Over the past several weeks, I have completed appraisal assignments for private clients. Interestingly, after submitting these appraisals, I received several phone calls – not to question the value, content, or any incorrect information, but rather to discuss the price per s/f compared to the comparable sales used in the report.
Massachusetts real estate transfers over $1 million face new tax rules as of November 1st - by Daniel Meyer
Attention to owners of real estate in the Commonwealth (and the title companies and other professionals who advise them), the Massachusetts Department of Revenue (the “DOR”) recently adopted a new “millionaire’s tax” via 830 CMR 62B.2.4
Reverse exchanges and the challenges of a competitive real estate market - by Michele Fitzpatrick
Our current, highly competitive real estate market poses specific challenges for investors who are considering taking advantage of a tax-deferred 1031 exchange. In this market, investors will have no problem selling their current property if priced properly, but they may find it difficult to find a suitable replacement property
Are appraisers on the same page as the assessor? - by Richard Seman
The purpose of this article is to address problematic or confusing issues which may help assessors and appraisers to better understand how to value real estate for tax assessment purposes.
