Everett, MA On behalf of Taurus Investment Holdings, CBRE/New England’s multifamily debt & structured finance team secured $38 million in first mortgage financing for the acquisition of Wellington Parkside Apartments, a 190-unit market-rate apartment community. The owner of the asset, Taurus CD 189 Wellington EV, LLC, an affiliate of Taurus, acquired the building for $56 million from SMC Management Corp. CBRE/NE’s John Kelly and Matt Marshall arranged the financing through a national lender for Taurus.
“It was great working with Taurus and their team on this acquisition financing assignment,” said Kelly. “CBRE/NE’s platform and access to a wide variety of multifamily capital allowed our client to secure financing for this pre-stabilized asset with a lender who understood the market, the asset and most importantly Taurus’ business plan.”
“We saw great value in being able to acquire an asset that was going through an initial lease-up,” said Peter Merrigan of Taurus. “We look forward to completing that process and positioning the community for long-term success in addition to adding value to this asset through our planned capital improvement strategy and efficient management.”
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. 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 s/f (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.
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 (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services.