Financial Digest

MassHousing closes $31 million affordable housing financing to CSI Support & Development Services

Charlestown, MA MassHousing has closed on $31 million in affordable housing financing to CSI Support & Development Services for the refinancing, renovation and extension of affordability of City Square Elderly Housing.

Seven tax essentials that every commercial property owner should know in 2023 - by Bill Cusato

With year-end comes the pleasure of tax preparation, but every year the rules are certain to change. Will you have enough losses to cover your tax liability, or heaven forbid, will you be writing a large check? Commercial property owners have a number of extremely lucrative tools at their disposal - would any of the seven following strategies work for you?

Cornerstone Realty Capital arranges $74.3 million in financing for two properties

Boston, MA Cornerstone Realty Capital arranged $15.8 million for the refinance of a 47-unit apartment property located in the Fenway neighborhood of the city.  The property consists of a single, four-story apartment building and contains a mix of studios, one-bedroom, two-bedroom, and three-bedroom units.

Sherin and Lodgen reps. Cambridge Savings Bank in $32 million financing of six solar sites in MA & RI

Boston, MA According to law firm Sherin and Lodgen LLP, its renewable energy practice group represented lender Cambridge Savings Bank in a $32 million loan facility to affiliates of Kearsarge Energy for construction and permanent financing of six solar photovoltaic and energy storage systems

Coulombe of Fantini & Gorga completes $5.5 million permanent loan for a mixed-use Newbury St. property

Boston, MA Fantini & Gorga has completed the placement of a $5.5 million permanent loan for a mixed-use Newbury St. property.  Derek Coulombe, senior managing director at Fantini & Gorga structured and placed the financing with a regional bank

Eagle Rock Properties secures $323 million in financing for a 1,314-unit portfolio in MA & NH

Framingham, MA New York-based Eagle Rock Properties has secured $323 million in financing for a 1,314-unit portfolio of five multifamily properties located in MA and NH.  The properties are situated in Framingham, Swampscott and Brighton, Mass. and in Nashua, NH.

MassDevelopment, Eastern Bank and Rockland Trust issue $19.64 million bond to 120 Washington 4 LLC

Worcester, MA MassDevelopment has issued a $19.64 million tax-exempt bond on behalf of 120 Washington 4 LLC, an affiliate of Boston Capital Development, LLC, which will use proceeds to construct 59 units of mixed-income affordable rental housing at the site of the former headquarters of Table Talk Pies at 120 Washington St.

REFA names its board of directors for 2023

Boston, MA The Real Estate Finance Association (REFA) has named its board of directors for 2023.  Nilesh Bubna, founding partner and CFO, Longpoint Realty Partners, will serve as president, along with president-elect Ravi Ragnauth, CFO, Berkshire Residential Investments, and treasurer, Jill Sharif, VP, National Business Development, Commonwealth Land Title Insurance Company NCS.

Noeldechen of Marcus & Millichap Capital Corp. arranges $3.64 million financing

New Haven, CT Marcus & Millichap Capital Corp. (MMCC) arranged a $3.64 million loan for Chapel Street Lofts, a 36,000 s/f, four-story multifamily property featuring 23 loft-style apartments located at 441 Chapel St. The financing was secured by Robert Noeldechen, first vice president, capital markets

South Shore Bank provides $100,000 grant to Father Bill’s & MainSpring’s Yawkey Housing Center

Quincy, MA Father Bill’s & MainSpring (FBMS), a regional leader of services to prevent and end homelessness, has been awarded a $100,000 grant from the South Shore Bank Charitable Foundation in support of the non-profit’s innovative Yawkey Housing Resource Center.