Dean Estates, 120 Dean Street - Taunton, MATaunton, MA CBRE/New England’s multifamily debt & structured finance group has secured $5.7 million in acquisition financing for the $7.5 million acquisition of 120 Dean St., a 58-unit multifamily property also known as Dean Estates. The purchaser, an affiliate of SVN/Parsons Commercial Group I Boston, closed on the purchase in January.
CBRE/NE multifamily debt & structured finance group secured $5.7 million in acquisition financing for the buyer through a regional bank. Senior vice president/partner John Kelly and senior financial analyst Sam Dylag worked on behalf of the buyer.
“It was a pleasure working with our client on this assignment. We were able to secure long term, nonrecourse financing that matched our client’s business plan. We continue to see very favorable financing terms from a variety of lending sources on all type of multifamily projects” said CBRE/NE’s John Kelly.
“We are excited about our latest acquisition. The CBRE Multifamily platform provided us with several options on the financing for this deal. We were able to efficiently market the financing for this acquisition to secure the best terms and close in a short timeframe.” said SVN/Partners Commercial Group | Boston’s Managing Director and CEO, John Parsons Jr.
Dean Estates is a 58-unit garden-style multifamily property located at 120 Dean Street in Taunton, MA and was constructed in 1986. The two, three-story apartment buildings are comprised of studio, one-, and two-bedroom units offering central air conditioning, dishwashers, disposals, patios or balconies, carpeting, and walk-in closets. The property also features community amenities, such as common laundry facilities, tennis courts, a clubhouse, additional storage, and surface parking. The average unit size is 947 square feet.
Dean Estates is located in the central section of Taunton and is approximately 0.5 miles from two of the biggest schools in Taunton, 0.4 miles from retail amenities such as Stop & Shop, CVS, Shaw’s, Marshalls, and also just 2.0 miles to Taunton State Hospital.
CB Richard Ellis – N.E. Partners, LP, a joint venture with CBRE Group, Inc. has offices in Massachusetts, Connecticut, Rhode Island, Maine and New Hampshire. Please visit our website at www.cbre-ne.com. CBRE Group, Inc., a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting.