Spiegel of PHH Home Loans arranges $18.6 million construction loan for 10 Farnsworth St. in the Seaport

July 08, 2016 - Financial Digest
10 Farnsworth Street - Boston, MA 10 Farnsworth Street - Boston, MA
local markets, expertise in different property types, and an understanding of the market fluctuations, we have established ourselves as the professionals of the industry. We take pride in the ability to add value to each transaction by working with some of the top national people in the real estate market. In summary, while some would say that the use of a mortgage broker is an additional cost to a project, I would say that it really is a value-added to the transaction. The range of lenders, the range of product types, and most of all, the expertise of the mortgage broker in structuring the deal and maximizing the loan dollars is well worth the “cost” that translates to more dollars and a better deal. Sidney Spiegel is vice president, commercial division at PHH Home Loans NE, Waltham, Mass. Sidney Spiegel, PHH Home Loans

Boston, MA Sidney Spiegel, vice president of the Commercial Division of PHH Home Loans, arranged an $18.6 million condo construction loan for 10 Farnsworth St. in the Seaport area of the city. The loan will finance construction of 10 condominium units and also provide underground parking for residents.

The financing was provided by a major regional bank that saw the value of the project and understood the developer’s needs.

The units will range in size from 2,000 s/f to the penthouse which will be 4,300 s/f. In addition, the building will feature a shared roof deck, high end appliances and will emphasize sustainable design and construction.