Cabot Crossing - Lowell, MALowell, MA CBRE/New England’s Multifamily Debt & Structured Finance group secured a $23.5 million first mortgage loan to refinance the existing debt on Cabot Crossing, a 252-unit multifamily community. The owner, Taurus CD 165 Bowden Street MA LP, an affiliate of Taurus Investment Holdings and PhilMor Real Estate Investments, had originally acquired the building in 2013 and implemented a highly successful unit upgrade and capital improvement plan.
CBRE/NE Multifamily Debt & Structured Finance group senior vice president/partner John Kelly and senior financial analyst Sam Dylag arranged the financing for the owners. “It was a pleasure to work on behalf of our client. Over the past 2 years, they worked to create significant value with their targeted capital improvement plan” said Kelly. “We were able to widely market this financing to a variety of lending sources which allowed the client to recapitalize the asset, return equity from their initial investment, and have financing terms that match the business plan of this excellent ownership group.”
“The refinance allows us to lock in record-low interest rates and continue our capital improvements. We look forward to completing the upgrade program and the continued success of this asset” said Taurus Investment Holdings CEO Peter Merrigan.
“We recognized that there is volatility of the debt markets and our strategy was to leverage this by creating a competitive process for the financing with long term debt. We were very pleased with the response from the market and overall execution of the transaction” said Phil Bakalchuk of PhilMor Real Estate Investments.
Cabot Crossing is a 252-unit multi-family garden property located at 130 Bowden St. The property is situated on 15.26 acres of land and was constructed in 1986. It consists of seven, 3-story, garden-style apartment buildings and a two-story clubhouse. The unit mix is comprised of 28 (11%) studio units, 168 (67%) one-bedrooms and 56 (22%) two-bedroom apartments with an average size of 536 s/f. Units offer fully applianced kitchens, balconies and laundry in every building.
Project amenities have also been renovated and include an active clubhouse with multi-station exercise room, TV lounge, saunas, Jacuzzi, locker rooms, outdoor swimming pool and picnic areas.
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 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.
Taurus Investment Holdings, LLC (“Taurus”) is a global investor, developer, and operator with a pervasive regional market network that leverages its diversified capital and operational infrastructure to capitalize on exclusive commercial and residential real estate opportunities. Taurus was founded in Munich, Germany and is currently headquartered in Boston, Massachusetts. It is a trusted partner for European, U.S. and other select international high net worth individuals and institutional investors. With current local presence in 15 markets on four continents, Taurus offers its clients access to a diversified pool of investment opportunities. Throughout North America and Europe, Taurus is consistently recognized as one of the premier owner operators of both directly managed and joint venture commercial real estate. To date, Taurus has purchased and sold more than 25 million square feet (2.3 million square meters) of residential, office, industrial, retail and other commercial real estate assets throughout the world with a total acquisition value of over $3.5 billion.
PhilMor REI, founded by Phillip Bakalchuk and Morgan Hanlon and headquartered in Newton, MA, pursues multi-family and self-storage acquisitions, development, and redevelopment with a particular focus on the Northeast corridor. Together with its joint venture partners, PhilMor REI and its affiliates have acquired over 1,000 multifamily units and 4,000 self storage units
