59-69 Meridian Street Update 08/05/16
MG2 acquires vacant Maverick Square parcel for $500,000, owns building next door
This afternoon, developer MG2 of Quincy, MA acquired the vacant 2,120 square foot parcel at 65-69 Meridian Street in East Boston, located in Maverick Square, for $500,000 as recorded in the Suffolk County Registry of Deeds. MG2 also secured a $600,000 mortgage for 65-69 Meridian Street today through Digital Federal Credit Union.
MG2 acquired 59-63 Meridian Street, located adjacent to 65-69 Meridian Street, in December 2015 for $2 million and secured a $3 million mortgage on 59-63 Meridian Street through East Boston Savings Bank. 59-63 Meridian Street is a 4,681 square foot parcel on which stands a three-story, 13,956 square foot commercial building.
Altogether, MG2 now owns 6,801 contiguous square feet of land and approximately 13,956 rentable square feet (RSF) in Maverick Square. Per MG2's website, the firm is planning several East Boston development projects over the coming years. 65-69 Meridian Street is MG2's second East Boston acquisition this week; this past Tuesday (August 2nd, 2016), MG2 acquired a 3,821 square foot parcel at 219 Border Street in East Boston, located on Central Square, for $875,000. The following is the deed for today's sale of 65-69 Meridian Street to MG2: