Liberty Place - Quincy, MAQuincy, MA CBRE/New England’s multifamily debt & structured finance group has arranged $14 million in construction financing for Liberty Place. The developer, BP Liberty LLC, an affiliate of Boston Property Development, closed on the construction financing for the 53-unit, class A property this month and has already broken ground.
CBRE/NE senior vice president John Kelly and financial analyst Sam Dylag procured financing for the buyer. “It was a pleasure to work with the developers on this construction financing opportunity and we were able to market this development project to a strong pool of lenders,” said Kelly. “Our client was looking for a low cost of capital during construction, but also wanted to mitigate long-term interest rate risk. Our banking partner was able to provide a scalable interest rate hedging strategy for an all-in- one construction-to-permanent loan.”
“We were happy with the financing terms that CBRE/NE sourced for this development. Liberty Place is an excellent project poised to capitalize on the tremendous demand for housing in Quincy and Greater Boston,” said Boston Property Development principal Peter McLoughlin. “We look forward to delivering a best-in-class product for the city of Quincy and our future residents.”
Located at 999 Hancock St., Liberty Place will be a 53-unit five-story class A apartment building with 67 garage parking spaces. The transit-oriented development is within minutes of I-93, I-95/Rte. 128, the Commuter Rail and the MBTA Red Line. Residents will be 0.5 miles from the MBTA Quincy Center train station, which provides direct access to downtown Boston and Cambridge within 15 to 20 minutes via the Red Line and Commuter Rail.
Units will be constructed to top-of-the-line condominium quality specs with stainless steel appliances, hardwood flooring, granite countertops, private balconies, in-unit washers and dryers, and oversized windows. Community amenities will include a fitness center, a 2,000 s/f roof deck with expansive views of Boston and the ocean, a private function room and a patio/barbecue area overlooking a “Great Lawn” and dog park. Additionally, there will be two floors of secure garage parking.
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. CBRE Group, Inc., a Fortune 500 and S&P 500 company headquartered in Los Angeles, is one of the world’s largest commercial real estate services and investment firms (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.