Residence at Readville Station
$12M Pre-Development Loan Secured for Approved 273-Unit Hyde Park Project
FinanceBoston has arranged $12,000,000 in debt for pre-development activities of a 273-unit project in the Hyde Park neighborhood of Boston. Previously used as light industrial, the 2.7 acre transit-oriented development will kick start the repurposing of under-utilized industrial land adjacent to Readville MBTA train station.
“This cash-out refinance was structured in two loans”, said Brian Rooney, Senior Associate at FinanceBoston. “A $9mil mortgage and a $3mil line of credit, both with the same lending institution at a competitive rate. This structure was customized to meet the needs of our client. The line of credit provides flexibility and access to funds when needed, but not paying interest when not”.