On behalf of PhilMor Real Estate Investments (PhilMor REI), CBRE/New England’s Multifamily Debt & Structured Finance team secured a $38.7 million first mortgage loan to finance the acquisition of Rolling Green, a 304-unit multifamily community in Milford, MA.
The owner, PhilMor REI Milford LLC, an affiliate of PhilMor Real Estate Investments, acquired the building for $47.6 million from Equity Residential.
CBRE/NE’s John Kelly and Matt Marshall arranged the financing through Fannie Mae on behalf of the client.
“It was a pleasure to work on behalf of the team at PhilMor Real Estate Investments,” noted CBRE/NE’s Kelly. “We were able to secure financing using the Fannie Mae Green Rewards program, which provided great financing terms for this value-add opportunity,”
"This acquisition allows us to play to our strengths of acquiring value-add apartment communities,” stated the PhilMor REI team of Phil Bakalchuk and Morgan Hanlon. “We look forward to rolling out our planned improvements and taking advantage of the Green Rewards program to lower overall utility usage and expenses at this asset.”
Located in Milford, the Rolling Green apartments were built in 1970. The property is situated on 4.24 acres and consists of 28 three-story residential buildings offering garden-style and townhome living. The property also features a playground and an outdoor swimming pool with a barbeque grilling area.