CBRE/New England’s Multifamily Debt & Structured Finance team secured $38 million in first mortgage financing on behalf of Taurus Investment Holdings for the acquisition of Wellington Parkside Apartments, a 190-unit market-rate apartment community located in Everett, MA. The owner of the asset, Taurus CD 189 Wellington EV, LLC, an affiliate of Taurus, acquired the building for $56 million from SMC Management Corporation.
CBRE/NE’s John Kelly and Matt Marshall arranged the financing through a national lender on behalf of Taurus.
“It was great working with Taurus and their team on this acquisition financing assignment,” stated CBRE/NE’s 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,” noted 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.”