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The Muse Update 01/17/17

Gerding Edlen sells Fort Point’s Factory 63 Apartments to Jones Street for over $13.5 million

Portland, OR-based Gerding Edlen has sold its’ 38-unit Factory 63 apartment development in Fort Point, completed in early 2013, to Hingham, MA-based Jones Street Investment Partners for over $13.5 million. The exact sale price is $13,547,774 as recorded in the Suffolk County Registry of Deeds. Bank of New England provided $9.5 million of financing for Jones Street’s acquisition of Factory 63. Gerding Edlen acquired the 31,000 square foot Factory 63 building, located at 63 Melcher Steeet, for $2.5 million in September 2011 and proceeded to renovate the building into 38 luxurious brick and beam apartments.

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